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The January 18-22 week has brought no surprises in terms of development of the USD/JPY currency pair, as it stayed largely unchanged during those days, despite some significant movements on Wednesday and Friday, when the pair dropped as low as down to weekly S1 at 117.01. A stable majority of Dukascopy respondents expected exactly such a development to take place last week, while the sentiment was changed to bearish mood.
The current week is forecasted to bring some important fundamental data, namely from the Japanese side. In the middle of the observed period Japan is to release data on foreign bond investment and retail trade, while the next day, on Thursday, the huge amount of economic data is going to be produced. Traders could pay additional attention to the National CPI, unemployment rate, overall household spending and industrial production. Also, on Friday, the Bank of Japan will produce its monetary policy statement and interest rate decision, which outlines economic conditions and the factors affecting the monetary policy decision. This data may have a considerable impact on pair's perspectives. Participants of the latest quiz for Dukascopy Community Forecasts seem to wait for more negative data to be released, as now almost 54% of votes are set short on the USD/JPY currency pair, widely supporting the Yen.
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