USD/JPY (week of 06-10/03)

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Weekly Summary

Stalemate for Dollar/Yen bulls and bears .

A good end to the trading week, USD/JPY is up to 135.11, after closing yesterday at zero. Overall, a 0% move or 13,511 pips this week. (Start trading Dollar/Yen at FXTM today).

Dollar/Yen upside coincides with further encouraging market factors as following a previous reading of 3.4, Unemployment Rate in United States released today at 13:30 UTC fell short of the 3.4 figure expected by analysts with an actual reading of 3.6.

Nevertheless, Japan GDP released earlier showed a marked improvement to zero from the preceding data of -0.3, but fell short of the 0.2 figure forecast by a consensus of market analysts. Highly important Non Farm Payrolls data from United States beat analyst expectations of 205,000 with a reading of 311,000.

At the same time, Japan CFTC JPY speculative net positions released today at 20:30 UTC with a figure of -34,000, while the previous figure was -29,100. Japan Interest Rate came out at -0.1, while a consensus of analysts was expecting -0.1.

Elsewhere, projections for Japan Industrial Production are set for a continuation of decline with -4.6% while previous data was 0.3%; data will be released Thursday. Japan Exports is projected to outperform its last figure with 7.1%. It previously stood at 3.5%; data will be released Wednesday. Japan Monetary Policy Meeting Minutes scheduled to come out Tuesday.

Mar. 10, 2023

Dollar/Yen set for weak finish today; down 0.77% to 135.11 with 46 minutes before close

(23:12) GMT

Late into the session, Dollar/Yen loses 105 pips (0.77%), currently trading at 135.11.

United States Non Farm Payrolls released today at 13:30 UTC is better than expected at 311,000 but down from preceding data of 504,000 according to new data.

On the flip side, highly important Unemployment Rate data from United States beat analyst expectations of 3.4 with a reading of 3.6.

Amid the market gloom, Japan CFTC JPY speculative net positions released today at 20:30 UTC with a figure of -34,000, while the previous figure was -29,100.

USD/JPY made an initial break below its 21 day Simple Moving Average at 134.93, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of 134.56 currently serving as support. If price action breaks below, the next Fib hurdle is 133.88.

Overall, looking at the technical analysis landscape, it seems Dollar/Yen is likely to continue pointing down in the short term.

In the meantime, negative performances are seen in other pairs, USD/CHF falls 1.2% to trade around 0.9213.

Positive performances can be seen by looking at other currencies as GBP/USD is up 0.92%. GBP/CAD added 0.89% to its value, now trading at 1.6633.

The currency pair has been trending positively for about a month. Having set a peak of 150.1 around 4 months ago, Dollar/Yen is now trading 9.29% below this level.

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