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Thread: COZfx: USD/JPY weekly outlook

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    fxtrader505 is offline Senior Member
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    Post COZfx: USD/JPY weekly outlook

    COZforex: The dollar declined to 2 week lows against the yen on Friday after data showed that US fourth quarter growth was revised down, while concerns over tensions in Ukraine and a weaker Chinese yuan also supported safe haven demand for the yen.

    USD/JPY declined to lows of 101.54, the weakest since February 17 and was last down 0.33% to 101.78. For the week, the pair lost 0.70%. COZforex foreign currency senior currency strategist, Paul Chew said, USD/JPY is predicted to find support at 101.30, and a drop through could take it to the next support line of 100.99. Meanwhile, the pair is predicted to find its first resistance at 102.17, and a rise through could take it to the next resistance line of 102.74.

    The dollar weakened after the Commerce Department reported that US fourth quarter gross domestic product was revised down to an annual rate of 2.4%, from a preliminary estimate of 3.2%. Analysts had expected a downward revision to 2.5%.

    Earlier in the week, Fed Chair Janet Yellen acknowledged recent weakness in US data, saying it indicates softness in the economy.

    In testimony to the Senate banking committee in Washington, Ms. Yellen said it was hard to say how much the recent soft data was due to weather and added that the bank would be attentive to signals on whether the recovery is progressing in line with expectations.

    Demand for the yen was also underpinned as political and military tensions between Russia and Ukraine escalated, following reports that armed men had occupied airports in the pro-Russia Crimea region.

    Meanwhile, concerns over a steep decline in the Chinese yuan curbed risk appetite, amid speculation that the country’s central bank has intervened to add volatility to the currency ahead of possible economic reforms.

    In the week ahead, investors will be anticipating Friday’s US nonfarm payrolls report for an indication of the strength of the recovery in the labor market. US data on manufacturing and service sector activity will also be closely watched.


    (COZ forex UK)
    khyangg likes this.

  2. #2
    vic84 is offline Banned
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    USDJPY was up last week and this week too it seems its going to continue its upward trend....

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