Yesterday 23-Dec-2014, due to better than expected US Q3 GDP numbers, dollar strengthened and USD/JPY hit 120.83 .... but, due to active profits taking, retreated back down to 120.28-29 levels.
One key data from the US today, 24-Dec-2014, "Continuing Jobless Claims" released by the US Department of Labor, might jolt the USD/JPY into some reaction due to either better or lower than expected figures.
On X'mas day, the BoJ Monetary Policy Meeting Minutes might provide some movements for the pair....or not!
Japan's National Consumer Price Index (Y/Y) is scheduled to be released on 26-Dec-2016......CPI, being the most significant way to measure changes in purchasing trends, is dragged down by weaker Yen and I personally expect to see a lower figure due mainly to lesser purchasing power. With thin holidays market, there might not be much movements....BUT then again, market might give some surprises.
Whatever it is, the Yen is still under pressure and USD/JPY is expected to move to 121 and, perhaps, eventually to the anticipated 122 levels.
I will continue to take some longs on the dip and see what happens in the days to come.
Patience is the key word here and rewards come to those who wait : )
Merry X'mas & a Happy & pips-filled New Year to all.
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This just came in as reported by RTT NEWS:
12/24/2014 12:47 AM ET
Confidence among Japan's small and medium-sized enterprises decreased in December, survey data released by the Shoko Chukin Bank showed Wednesday.
The small business confidence declined to 46.7 in December from 47.7 in November.
Similarly, confidence in the manufacturing sector fell to 46.1 in December from 47.4 in November. The non-manufacturing confidence index decreased to 47.2 from 47.8 in the previous month.
"The decline in small business confidence to a seven-month low in December underlines that economic momentum in Japan remains sluggish, " Marcel Thieliant, a Japan economist at Capital Economics, said.
"In contrast to the flash manufacturing PMI, which indicates that the sector is in recovery, the current level of small business confidence is consistent with falling industrial production. What's more, the outlook is not particularly upbeat, either: the forecast for January stands at 47.3, "
by RTT Staff Writer