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A relatively quiet week and a bit of risk aversion worked in the yen’s favor last week.
Let’s see if we can get more volatile price moves with this week’s major market themes!
Check out the catalysts that might affect JPY’s prices:
Lower-tier economic releases
- BOJ’s core CPI (Aug 25, 5:00 am GMT) last printed at 0.1% after a 0.0% reading in May
- Corporate services price index (Aug 25, 11:50 pm GMT) seen maintaining its 0.8% growth in July
- Leading indicators index (Aug 26, 5:00 am GMT) to improve from 78.4 to 85.0?
- Tokyo’s core CPI (Aug 27, 11:30 pm GMT) to print another 0.6% growth in August
Overall risk appetite
- Tensions between the U.S. and China will continue to affect the safe-haven yen’s intraweek trends
- Updates on the rising coronavirus cases and its impact on lockdown plans and global growth rates can also affect the demand for the yen
- Markets will also look at revised GDP readings from key economies like the U.S., Canada, Germany, France, and Switzerland for risk sentiment cues
Technical snapshot
- The yen is still up against the Kiwi so far this month
- JPY has weakened the most against GBP and CAD in the last 30 days
- Daily EMAs show JPY’s short and long-term bullish trend against USD
- Watch out for retracement or reversals on NZD/JPY, AUD/JPY, CHF/JPY, EUR/JPY, and GBP/JPY
- JPY has seen the most volatility against NZD, GBP, AUD, and CHF in the last seven days
Missed last week’s price action? Read JPY’s price recap for August 17 – 21!