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The Dollar/Yen currency pair traded mainly flat with a slight upward trend throughout last week to end it at the 123.08 mark, thus developing against the average Community forecast of around the 122 level. The pair went down on Monday, however, managed to strengthen and ended the week on a positive note.
During this week, on Friday, the Bank of Japan is to announce its benchmark interest rate and publish the rate statement. Moreover, there will be a closely watched press conference following the rate announcement. Later in the day, the US is to round up the week with the closely watched government report on nonfarm payrolls.
All in all, traders are bullish on the present pair this week, with 60% of responds being optimistic. Speaking about expectations among Dukascopy Community members, Kanbarsky says that "On our weekly, daily & hourly charts, all three trends are in a potential uptrend with our hourly targets (short-term targets) that might reach [min 124.48 - max 125.53]. Meanwhile, iiivb supports his view and adds that "The USD bullishness across the board, since a Fed's rate hike looks imminent before the year end. The 125 psychological level will be broken above making the next week's closing price to be above it." geula4x also believes in pair's bullishness "The USD/JPY seems bullish on the daily chart. Price has bounced from 123.00 round number support area at July 27. It seems that the Federal Reserve's principle decision to raise interest rates has strengthened the USD against the JPY. Resistance lies around 124.50, which has capped price multiple times, starting at June 17."
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