Economic Events: (GMT)
Close of the Asian Markets
JPY Interest Rate Decision 0.10% 0.10%
JPY BoJ Press Conference
Bank of Japan (BOJ) policy board members come to a consensus on where to set the rate. Traders watch interest rate changes closely as short term interest rates are the primary factor in currency valuation. The Bank of Japan (BOJ) press conference looks at the factors that affected the most recent interest rate decision, the overall economic outlook, inflation and offers insights into future monetary policy decisions.
A higher than expected rate is positive/bullish for the JPY, while a lower than expected rate is negative/bearish for the JPY.
23:50 JPY Trade Balance 0.36T 0.54T
The Trade Balance measures the difference in value between imported and exported goods and services over the reported period. A positive number indicates that more goods and services were exported than imported.
A higher than expected reading should be taken as positive/bullish for the JPY, while a lower than expected reading should be taken as negative/bearish for the JPY.
Analysis and Recommendation:
USD/JPY was trading 77.05 with the USD edging up against the Japanese Yen in Asian trading.
The Japanese yen lifted from 77.29 yen per US dollar to JPY76.91, and closed US trade near JPY76.94. on Friday.
The pair continue to trade in a close range, with the USD showing some strenght continuing from US trading on Friday.
There are several financial and economic reports due out in the US which should give the greenback a push upwards but for today and tomorrow expect the duo to trade between last weeks 76.91 and today’s high of 77.08.
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