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A combo of dovish BOJ and risk-friendly trading environment dragged the yen lower last week. Will the tides change for the safe haven this week?

Here are potential catalysts you should watch out for:

Consumer-related reports

  • After the September sales tax increase, traders will look to consumer data for clues on inflation trends
  • Annualized cash earnings (Nov. 7, 11:30 pm GMT) is expected to grow by 0.1% after slipping by 0.1% in August
  • Household spending (Nov. 7, 11:30 pm GMT) could see a 7.7% jump after a 1.0% increase in August

Global risk sentiment factors

Technical Snapshot

  • NZD/JPY is the most bullish and USD/JPY is the most bearish in the short term
  • GBP/JPY is the most bullish and USD/JPY is the most bearish in the long-term
  • JPY's Short Term Trends from MarketMilk™
    JPY’s Short Term Trends from MarketMilk™
    JPY's Long Term Trends from MarketMilk™
    JPY’s Long Term Trends from MarketMilk™
  • Look for potential retracements on USD/JPY and GBP/JPY’s longer-term trends
  • Watch NZD/JPY closely to see if its short-term bullish trend will lead to the pair graduating from “bearish but weakening” status to “bullish” territory on the longer time frames

Missed last week’s price action? Read JPY’s price recap for Oct. 28 – Nov. 1!