The greenback remained strong versus the Japanese Yen in the last week on better than expected US jobs data. The pair USD/JPY surged 2.29 percent in the last week to 83.68 on Friday. The pair is expected to experience support around 81.87 and likely to find resistance around 83.68.
The US dollar remained investor’s favorite as the US unemployment rate dropped to four basis points to 9.4 percent from 9.8 percent.
The next weeks major events that could affect USD/JPY trading are as below:-
As on Monday January 10th, 2010 markets in Japan will be closed due to Coming-of-Age-Day. However the Bank of Japan will release a comprehensive report on country’s lending and current account on January 11th, 2010. On Tuesday index of Japan’s leading economic indicators will also be published. In United States report on wholesale inventories will be published on Tuesday January 11th, 2010.
Japan will report the data on its key indicator of production output also known as core machinery orders on January 12th, 2010 whereas US Federal Reserve will publish its Beige Book and reports on crude oil inventories, import prices and federal budget balance.
On January 13th, 2010 Japan will release its data on machine tool orders where as US will announce its key report on weekly jobless claims and producer price inflation.
On Friday January 14th, 2010 the weekly round-up report on US consumer price inflation, USD industrial production and US consumer spending will be published.
About the Author
Daily forex trading news written by Rehan from DailyForexTrade.com
