Positive risk updates and weak domestic data weighed on the yen last week. Will the bears up their game this week?
Here are potential catalysts you should know about:
- Economy Watchers’ sentiment (Feb 10, 5:00 am GMT) could dip from 39.8 to 39.2 in January
- Preliminary machine tool orders (Feb 12, 6:00 am GMT) ticked higher from -37.9% to -33.6% back in December
- Annualized PPI (Feb 12, 11:50 pm GMT) is expected at 1.5% vs. 0.9% December
Overall risk appetite
- Coronavirus updates and its impact on the global economy will continue to affect risk sentiment
- Top-tier reports such as the U.S. CPI and retail sales, U.K. GDP, and Lagarde’s speech can also dictate demand for low-yielding bets
- Powell’s testimony in D.C. on Tuesday and Wednesday can make or break USD/JPY’s trend and influence other yen crosses in the process
- Williams %R considers JPY “oversold” against USD and “overbought” against NZD
- CAD/JPY and GBP/JPY are trading below their 50 SMAs but above their 200 EMAs on the daily time frame. Watch out for potential retracement or reversal opportunities
Missed last week’s price action? Read JPY’s price recap for February 3 – 7!
Roz has been engaged in the financial markets since 2017, specializing in Foreign Exchange, Before joining to FOREX IN WORLD she start to learn forex trading related information.
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