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JPY Weekly Forecast – Look For Safe Haven Plays

JPY Weekly Forecast – Look For Safe Haven Plays

Japan is printing a bunch of lower-tier reports, but investors are likely to trade the yen as a safe haven this week. Which catalysts should you watch

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Japan is printing a bunch of lower-tier reports, but investors are likely to trade the yen as a safe haven this week.

Which catalysts should you watch out for?

I’ve got a short list!

Lower tier economic releases

  • Reuters Tankan: Japan manufacturers’ less pessimistic in November
  • Economy Watchers Survey (Nov 10, 5:00 am GMT) to see improvements in outlook and current conditions
  • Preliminary machine tool orders (Nov 11, 6:00 am GMT) could worsen from -15.0% to -2.0% in October
  • Core machinery orders (Nov 11, 11:50 pm GMT) seen dropping by 1.0% after 0.2% gain in August
  • PPI (Nov 11, 11:50 pm GMT) to dip by 2.0% (from -0.8%) in September

Broad risk sentiment

  • Coronavirus updates (rising cases, lockdown plans, stimulus and vaccine prospects, recession concerns) will continue to affect the demand for safe havens like the yen
  • Clear U.S. election results will mean clarity on U.S. policies to expect, which could weigh on the low-yielding yen
  • Major data releases like the U.S. and Chinese CPI, U.K. GDP, and remarks from major central bankers can cause intraday volatility for the major yen crosses

Technical snapshot

  • Bollinger Bands reflect the yen’s “overbought” conditions against the dollar
  • JPY may soon hit “oversold” status against the Kiwi
  • JPY remains in neutral conditions against GBP, CAD, EUR, and CHF
JPY Forex Pairs Bollinger Bands from MarketMilk
JPY Forex Pairs Bollinger Bands from MarketMilk
  • EMAs show the yen’s short and long-term bearish trends against the Aussie and Kiwi
  • GBP/JPY and CAD/JPY may provide retracement or reversal opportunities
  • The yen is enjoying short and long-term demand against the dollar on the daily time frame
JPY Forex Pairs EMAs from MarketMilk
JPY Forex Pairs EMAs from MarketMilk
  • The yen was most volatile against the comdolls and the pound in the last seven days
JPY Forex Pairs Volatility from MarketMilk
JPY Forex Pairs Volatility from MarketMilk

Missed last week’s price action? Read JPY’s price recap for Nov. 2 – 6!

This post first appeared on babypips.com

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