USD/JPY (week of 12-16/02)

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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 150.18, after closing yesterday at zero. Overall, a 0% move or 15,017 pips this week. (Start trading Dollar/Yen at FXTM today).

Dollar/Yen upside coincides with further encouraging market factors as highly important Core Retail Sales data from United States beat analyst expectations of 0.2% with a reading of -0.6%.

Nevertheless, Japan GDP released earlier showed a marked improvement to -0.1 from the preceding data of -0.8, but fell short of the 0.2 figure forecast by a consensus of market analysts. United States Producer Price Index came out at 0.3%, better than analyst estimates of 0.1% and improving upon the previous reading of -0.1%.

At the same time, Japan CFTC JPY speculative net positions released today at 20:30 UTC with a figure of -111,500, while the previous figure was -84,200. United States Philadelphia Fed Manufacturing Index (Feb) came out at 5.2, while a consensus of analysts was expecting -8.

Also worthy of note, as things stand, upcoming Japan Exports data is projected to fall short of market expectations with newly published data of 9.5%, following on from the preceding figure of 9.8%. New data is set to be published Tuesday. Japan Services PMI is expected Thursday. Japan Trade Balance (Jan) is scheduled for Tuesday.

Feb. 16, 2024

Dollar/Yen currency pair adds 27 pips or 0.19%

(23:12) GMT

Dollar/Yen went up to 150.65 only to drop back some of the way and is now trading at 150.18.

On the flip side, United States Producer Price Index beat analyst expectations of 0.1% and the previous reading of -0.1% with new data of 0.3%.

Meanwhile, Japan CFTC JPY speculative net positions released today at 20:30 UTC with a figure of -111,500, while the previous figure was -84,200. United States Philadelphia Fed Manufacturing Index (Feb) came out at 5.2, while a consensus of analysts was expecting -8.

'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end. Dollar/Yen made an initial breakout above its 3 day Simple Moving Average at 150.24, a potential indicator of a newly emerging bullish phase. On the other hand, note that Dollar/Yen's upper Bollinger Band® is at 151.12, this is a slight indication of a slowdown. Although Dollar/Yen is appreciating today after rising as high as 150.65, price action is now slowing and consolidating around 41 pips below the 150.59 resistance level.

Dollar/Yen continues to move higher with technical analysis indicating the trend will continue in the short term.

A look at other currencies also shows bullish price action as EUR/JPY is up 0.25%. Having closed the previous session at 188.85, GBP/JPY is up 0.23% today to currently trade at around 189.28.

While Dollar/Yen is up today, these currencies are lagging behind: GBP/NZD slides down 0.25% to trade around 2.0593.

The currency pair has been trending positively for about a month. Dollar/Yen has gained 4.48% since its lowest print of 131.2 earlier this year.

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