Multiple market themes sent the yen into Chopsville last week. Will we see clearer directional trends with this week’s catalysts?
Check out the potential market movers that you need to watch!
Lower tier releases
- While they don’t usually affect the yen’s prices for long, domestic reports can cause intraday blips for the yen’s crosses
- Economy Watchers Survey (Aug 11, 5:00 am GMT) to yield more optimistic results in July
- Preliminary machine tool orders (y/y) (Aug 12, 6:00 am GMT) seen at -27.0% from -32.0%
- Annualized PPI (Aug 12, 11:50 pm GMT) to clock in at -1.2% after 1.6% dip
Market risk appetite
- Coronavirus-related updates (number of cases, vaccine and stimulus prospects, lockdown plans, global and domestic economic recovery outlook) will still affect the yen’s price action this week
- Top-tier releases from other major economies can cause counter currency price reactions that can push the yen in volatile intraweek trends
- Stochastic considers the yen as “oversold” against the European currencies
- JPY may soon hit “overbought” status against NZD
- USD/JPY remains in neutral territory on the daily time frame
- JPY is starting to see green shoots on its bearish trends against AUD, GBP, EUR, and CHF
- The yen remains bullish against the Loonie and the dollar
- JPY saw the most volatility against NZD, AUD, GBP, and EUR in the last seven days