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No major reports from Japan this week, which opens up the safe haven to risk-related volatility. Here are factors you should watch out for!
Market risk appetite
- Speculations of COVID-19 cases peaking in key regions will continue to influence demand for the safe haven yen
- Closely watched market events, such as the U.S. retail sales and weekly initial jobless claims, China’s GDP release, and BOC’s policy announcement can affect the yen’s intraweek trends
- Watch out for USD’s trends, as demand for the safe haven can affect price action for alternate safe havens such as JPY
Technical snapshot
- JPY has only gained pips only against USD in the last seven days
- JPY has lost the most pips against AUD, NZD, and GBP in the past week
- Stochastic is flagging JPY’s “oversold” conditions against GBP, NZD, and AUD on the daily time frame
- JPY is still trading below the 200 SMA against CHF
- JPY is generally seeing bullish trends, except against GBP, NZD, and AUD which show signs of retracements or reversals on the daily time frame