Community Forecasts December 7-11 : USD/JPY 1W Chart - Community Forecasts - Dukascopy Bank

Tue, 08 Dec 2015 12:39:10 GMT
Source: Dukascopy Bank SA
 
© Dukascopy Bank SA
The currency pair reacted quietly to the fundamental news from both sides, even receiving a strong bearish bias on Thursday. USD/JPY left behind its two-week high seen on December 2 amid disappointment from the European Central Bank's less-aggressive-than-expected monetary stimulus. In addition, the services sector in the US was shown to have slowed in November, according to ISM's gauge. However, for the time being, the USD/JPY pair remained safely above this level, with the modest cushion above the even more important line of 122.00 yen, which has played a pivotal role as a strong resistance and support over the last twelve months. Meanwhile, the Bank of Japan (BoJ) Governor Haruhiko Kuroda said in a speech on Monday that he saw no need to implement negative deposit rates in Japan as borrowing costs were already very low due to the BoJ's aggressive asset purchases. 
Traders believe the pair will continue moving to the south, as the consensus forecast stands for 123.9– more than 100 pips above the current market price. At the same time, for the third straight week, around 60-70% of respondents are having bullish view on the pair. 
Interesting, that traders Jignesh claimed "The USD/JPY has been stuck in a 130 pip range. The general USD bullish outlook for the week has potential to break this range, but there remains the upward sloping trend line on the daily chart which has been capping upside price action in this pair for weeks now. Expectations here are bullish with a limited upside." 
The only event worth paying attention is the release of revised data on Japanese third quarter economic growth on Tuesday and the data on the core machinery orders the next day. 

© Dukascopy Bank SA

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