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Japan isn’t printing top-tier releases this week, which means yen traders will likely pay closer attention to safe-haven demand.
Which market themes should you watch out for?
Here’s a short list:
Lower-tier domestic releases
- Japan factory output grows for the fifth month, retail sales surge
- Unemployment rate (Nov 30, 11:30 pm GMT) to improve from 3.0% to 2.9% in October
- Capital spending (Nov 30, 11:40 pm GMT) recover from -11.3% to -3.6% from a year ago in Q3
- Household confidence (Dec 2, 5:00 am GMT) seen dipping from 33.6 to 33.0 in November
Safe-haven demand
- The overall anti-dollar theme could further weigh on USD/JPY and (partly) drag the other yen crosses
- Major U.S. events, such as Powell’s testimony and the U.S. NFP release can also influence USD/JPY and other yen crosses
- If the previous weeks’ price action is any clue, vaccine developments will inspire risk appetite and pull the yen lower
Technical snapshot
- Stochastic is highlighting the yen’s “oversold” conditions against the Aussie and Kiwi on the daily time frame
- JPY is about to hit the “oversold” territory against EUR
- The yen is headed for “overbought” status against the dollar
- SMAs show the yen’s overall bearish trend but also a short-term demand across the board
- JPY remains on short and long-term bullish trends against USD
- JPY is on short and long-term bearish trends against CHF
- The yen was most volatile against the comdolls and the pound in the last month
Missed last week’s price action? Read JPY’s price recap for Nov. 23 – 27!