Community Forecasts November 30- December 4 : USD/JPY 1W Chart - Community Forecasts - Dukascopy Bank

Tue, 24 Nov 2015 16:21:07 GMT
Source: Dukascopy Bank SA
 
© Dukascopy Bank SA
The Dollar/Yen currency pair traded in a mixed environment during the previous trading week, being that a negative movement during first day was later changed by a modest upside development and then by an downward correction on Thursday and Friday. Concerning the economic data, Japanese gross domestic product shrank at an annualized rate of 0.8% in the third quarter, the second straight quarter of diminished economic activity, a technical recession. Economists had forecast a 0.2%–0.3% contraction. The recession is Japan's fifth since the financial crisis of 2008. Japan has had six quarters of growth and five quarters of contraction since Prime Minister Shinzo Abe took office in December 2012.  
In course of the week forecasts, sentiment among Dukascopy traders became rather strong for this currency pair, as 75% of trades expect bullish development. The average expectation is located around 122.9.
The market sentiment is shared by Jignesh, who assumes that "The USD/JPY is still continuing to look strong despite the fact, that it is held down by a longer term down trend line.  This week may be the week we break, but if not, there does not seem to be much of a pull back from resistance.  Either way, the pair is portraying traits of strong bullishness." This opinion is supported by RacerX who adds that "I am expecting a bounce from 120 area on up to around the 126 as investors position themselves to price in a very possible rate hike by the Fed."  

© Dukascopy Bank SA

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