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Will the yen see another choppy week?
Or will market themes push the safe-haven into clear intraweek trends this week?
Here are potential catalysts you might want to watch out for:
Lower-tier domestic data
- BOJ debated deflation risk at June meeting, cautious of bolder steps: minutes
- Japan June exports slump 26.2%, dash hopes for quick economic rebound
- National core CPI (Jul 20, 11:30 pm GMT) expected to improve from -0.2% to 0.0% in June
- Markit’s flash manufacturing PMI (Jul 22, 12:30 am GMT) seen at 42.4 vs. 40.1 in June
Market risk appetite
- Coronavirus cases, stimulus and vaccine updates, and lockdown and reopening prospects will still matter for safe haven traders this week
- Business surveys from the major economies can also influence the demand for the safe-haven yen as they give hints on the pace of economic activity after strict lockdown measures
- Earnings reports of key U.S. companies may also influence safe-haven demand if hits or misses are notable
Technical snapshot
- Stochastic considers the yen “oversold” against the euro on the daily time frame
- JPY may soon reach “oversold” status against the Aussie and Kiwi
- JPY remains in neutral territory against CHF and CAD
- The yen remains above the 50 and 200 SMAs against the dollar
- JPY is on bearish trends against CHF, EUR, AUD, and NZD
- The yen’s bullish trends are weakening against the Loonie and pound
- JPY has seen the most volatility against CHF, GBP, AUD, and EUR on the daily time frame
Missed last week’s price action? Read JPY’s price recap for July 13 – 17!