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COZfx: USD/JPY weekly outlook

Discussion in 'Analisa Fundamental' started by harryer, Aug 5, 2013.

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  1. harryer

    harryer Member

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    COZforex: The dollar ended Friday’s session lower against the yen, coming off a 6-day high after the release of downbeat US nonfarm payrolls data painted a mixed picture of the strength of the US job market's recovery.

    USD/JPY hit session highs of 99.96, the highest since July 25, before turning lower to settle at 98.96, 0.59% lower for the day. COZ senior foreign exchange risk investment trader Desmond Doyle said, USD/JPY is predicted to find support at 98.43, and a drop through could take it to the next support line of 97.51. Meanwhile, the pair is predicted to find its first resistance at 99.98, and a rose through could take it to the next resistance line of 100.62.

    Data released this morning indicated that the monetary base in Japan widened 38.0% in July, from a 36.0% rise recorded in June.

    The U.S. Department of Labour said on Thursday that the number of individuals filing for initial jobless benefits declined by 19,000 to a seasonally adjusted 326,000 last week, the lowest level since January 2008. Meanwhile, the Institute for Supply Management said its index of purchasing managers rise to 55.4 in July, the highest level since April 2011 and up from a reading of 50.9 in June.

    The robust data came after the Commerce Department said on Wednesday that gross domestic product grew at a seasonally adjusted annual rate of 1.7% in the three months to June, beating expectations for growth of 1%.
    That followed a report from payroll processing firm ADP, which said non-farm private employment rose by a seasonally adjusted 200,000 in July, above expectations for an increase of 180,000.

    In the week ahead, the US is to publish data on service sector activity as well as a report on the trade balance. Thursday’s policy meeting by the Bank of Japan will also be in focus.

    (COZ forex UK)
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