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JPY Daily News
JPY Bullishness Primed To Continue With BoJ Conference on Tap This Week.
The Yen completed last weeks trading session in bullish territory versus a batch of its major currency rivals. The Japanese currency saw mixed results against the greenback closing the trading session at 110.55, 30 pips off the weeks starting point. A notable gain for the JPY was against the Euro, gaining for the third consecutive week to close at 162.24, shaving almost 350 points off of the EUR/JPY cross. This bullish result took place despite an overall poor week for economic indicators that came to light from Japan. Preliminary GDP and Tertiary Industry Activity Index indicators had a declining trend when they came in at -0.6% and -0.8% respectively, but were not significant enough to provide any real change in the overall direction of the JPY.
This week Japan will provide even more indicators to the economic calendar and will likely contribute to its currency volatility. The Overnight Call Rate, All Industries Activity Index and Trade Balance are expected to see mixed results. Investors should look toward the BOJ Press Conference; BOJ Monthly Report and Monetary Policy Meeting Minutes for any hawkish direction from Japanese officials, as it could define the JPY's direction this week.
With a slow news day expected throughout the Forex market, JPY investors should keep up to date with the movement of equity markets to gauge the direction of the JPY for today.
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