Community Forecasts for April 20-24: USD/JPY 1W Chart

Source: Dukascopy Bank SA
© Dukascopy Bank SA
During the trading week ended April 17, the USD/JPY pair was developing in a rather calm manner; however, on Friday the pair dropped significantly on some fundamental news from the United States. The Dollar rose against a basket of other major currencies on Monday, as growing expectations for a near-term US rate hike continued to support the Greenback. Nevertheless, the pair did not manage to preserve the gains and slid to three-week lows on Friday, as sentiment towards the Dollar remained vulnerable after the previous session's downbeat data. The US core consumer prices, which exclude food and energy costs, rose 0.2% in March for an annual increase of 1.8%, showing the largest increase since October. The report came after the data earlier in the week showed that the US retail sales for March came in below expectations. Another report, which showed a big drop in industrial output in March, pointed to a slowdown in growth in the first quarter. Therefore, the string of weak numbers added to the view that the Federal Reserve could postpone interest rate hike until late 2015 from mid-year.
The present working week is not supposed to be rich on Japanese data either, as among important news from this country, traders should be wary of the export and import figure on Tuesday and foreign bond investment on Wednesday, while leading economic index has already been published on Monday and was reported to be worse than a forecast. At the same time, USD-traders may look at the initial jobless claims and new home sales on Thursday, while a report on durable goods orders will be published on Friday. Meanwhile, Dukascopy traders became more bearish on USD/JPY currency pair, as now almost 57% believe in negative development.
© Dukascopy Bank SA
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