The US dollar gained 0.74 percent versus the Japanese Yen in last week to close at 82.28 on Friday. The pair USD/JPY is expected to find support at 81.71 while the pair is likely to find resistance at 83.07 which also happens to be day’s high on last Friday.
List of events that could affect the trading of the pair USD/JPY in the current week are as follows:-
Today Japan released their official report on bank lending and M2 money stock. The country also released a comprehensive report on its current account balance. United States is expected to publish its official report on consumer credit today which is a key measure of consumer confidence.
On Tuesday March 8th, 2011 official data on core machinery orders will be reported by Japan while Governor of Central Bank of Japan Mr. Masaaki Shirakawa will give a speech in Frankfurt. United States is expected to report data on economic optimism on Tuesday.
On Wednesday March 9th 2011official data on crude oil inventories will be reported by United States while Japan will report its gross domestic product for the fourth quarter which is regarded as the key measure of economic activity.
On March 10th, 2011 the key data on jobless claims will be published in United States. A comprehensive report on US trade balance will also be released on Thursday. In Japan initial data on machine tool orders will be reported.
On Friday March 11th, 2011 data on retail sales will be reported. Moreover key data on consumer sentiments and inflation expectations will also be published by University of Michigan.
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Daily forex trading news written by Rehan from DailyForexTrade.com
