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Can yen bulls extend the safe haven’s uptrends from the previous week?
Take note that Japan won’t be printing top-tier releases this week.
Check out the other catalysts that might affect its intraweek trends!
Lower tier reports
- Lower tier data may not affect the yen’s trends for long, but they can inspire intraday moves that can translate to retracement or reversal opportunities
- Markit’s manufacturing PMI (June 23, 12:30 am GMT) to improve from 38.4 to 39.5 in June?
- BOJ’s core CPI (June 23, 5:00 am GMT) weakened from 0.1% to -0.1% in April
- Tokyo’s core CPI (June 25, 11:30 pm GMT) seen at 0.1% from 0.2% reading in May
Market risk appetite
- Rising coronavirus cases and talks of reinstating lockdown measures can continue to push the safe-haven yen higher in the charts
- Vaccine and stimulus updates can also influence risk-taking in the markets
- PMI reports from major economies will paint a clearer picture of the global economic recovery
Technical snapshot
- Stochastic considers the yen “overbought” against all of its major counterparts except for the Kiwi
- JPY may soon shed its overbought status against the Aussie
- JPY is on short and long-term bullish trends against GBP and USD
- Watch out for retracement or reversal opportunities against AUD, CHF, NZD, and EUR
- JPY was most volatile against AUD, NZD, GBP, and EUR in the last seven days
Missed last week’s price action? Read JPY’s price recap for June 15 – 19!