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JPY Daily News
JPY Remains in Consolidating Pattern
The Japanese yen (JPY) has been trading with somewhat mixed results since early last week, with gains made against several currencies and losses elsewhere. After a week of ups and downs, the Japanese yen appears set to make gains today as investors seek safety from recent turmoil and as the Bank of Japan (BOJ) published several reports yesterday morning which could help the island economy make gains. The dominant stance of risk aversion overarching last week's trading environment has many traders moving towards the yen against the higher yielding currencies like the euro and British pound.
The USD/JPY was seen trading somewhat higher this morning, finding support near 80.70 and moving up towards 80.90 at today's opening Asian sessions. Japan's core machinery orders report was published this morning and revealed a modest uptick which may help the island currency in today's market hours. Market news released out of the US today will likely be the driving force behind JPY values, though, and traders would be wise to watch the US crude oil inventories report as its correlation to investment growth has gotten stronger lately.
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Print| # | Time | $€£¥ | Event | Per. | Prev. | Fore. | Act. | Imp. |
|---|---|---|---|---|---|---|---|---|
| 05/18 | ||||||||
| 00:50 | JPY |  Prelim GDP | q/q | -0.3% | -0.5% | - |  | |
| 00:50 | JPY | Prelim GDP Price Index | y/y | -1.6% | -1.9% | - |  | |
