Partner Center Find a Broker

Countercurrency flows dictated the yen’s price action last week.

Can this week’s potential catalysts inspire one-directional trading for the safe haven?

Here are events you need to know about if you’re trading the yen this week!

Lower-tier economic releases

  • Leading index (May 12, 5:00 am GMT) point to a weakening from 91.7% to 84.3% in March
  • Current account surplus (May 12, 11:50 pm GMT) could tighten from 2.38T JPY to 1.29T JPY
  • Economy Watchers Sentiment (May 13, 5:00 am GMT) to dip from 14.2 to 10.1 in in April?
  • Preliminary machine tool orders (May 14, 6:00 am GMT) last printed a 40.8% decline in March
  • Annual PPI (May 14, 11:50 pm GMT) could see a steeper from (from -0.4% to -1.4%) in April

Market risk appetite

  • Updates on the number of coronavirus cases, the governments’ responses, and progress on economies that are reopening could influence demand for safe havens like the yen
  • Top-tier releases like U.S.’ CPI and retail sales, U.K.’s GDP, Australia’s jobs, and China’s data dump can also affect risk taking

Technical snapshot

  • Stochastic is flagging JPY’s “overbought” conditions against USD
JPY Forex Pairs Stochastic from MarketMilk
JPY Forex Pairs Stochastic from MarketMilk
  • Williams %R believes JPY is “oversold” against AUD, CAD, and NZD on the daily time frame
JPY Forex Pairs Williams %R from MarketMilk
JPY Forex Pairs Williams %R from MarketMilk
  • JPY is still mostly bullish, though it’s trading below the 50 SMA against NZD, CAD, and AUD
JPY Forex Pairs SMAs from MarketMilk
JPY Forex Pairs SMAs from MarketMilk
  • The yen has seen the most volatility against AUD, NZD, CAD, and GBP in the last seven days
JPY Forex Pairs Volatility from MarketMilk
JPY Forex Pairs Volatility from MarketMilk

Missed last week’s price action? Read JPY’s price recap for May 4 – 8!