USDJPY: A neutral stance is required
|US$Jpy traded most of Friday in the 111.00/110.50 range with the Yen making some daily gains on most fronts, with EurJpy and GbpJpy, in particular, trading lower . It could be a fairly tight session today, with little economic data to move markets, while traders will be waiting to see what Kuroda has to say at tomorrow’s BOJ Meeting. No change is expected to Monetary Policy.
1 hour/4 hour indicators: Turning higher
Daily Indicators: Turning lower
Weekly Indicators: Neutral
Preferred Strategy: A neutral stance is required on Monday although the medium term charts do hint that the dollar is going remain under some pressure. At the same time we have a fair bit of support near 110.00 so the downside momentum, if seen, should be fairly slow.
Economic data highlights will include:
M:
T: BOJ Interest Rate Decision/Statement/Press Conference/Outlook
W: Trade Balance, Nikkei Mfg Flash PMI, Leading Economic Index, Coincident Index
T:
F: Japan CPI, BOJ Minutes
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