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Market Analysis: USDJPY: Business : Nigerialog.com - Nigeria's Premier Online Forum

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Market Analysis: USDJPY

By: alagbe003 (M) |Time : June 27, 2018, 09:03:19 AM
Safe haven Yen was weakened against the Greenback in Yesterday’s session as the US Dollar Index rose to 94.41 successfully rising above 94.25 after recovering from a decline in the early hours. Services Producer Price Index (SPPI) which measures the change in the price of services purchased by corporations in Japan came out the same as forecast while Core CPI data from the country fell short of expectations. These economic data are a measure of inflation in Japan and it is one of the major elements of rate decisions in a country. The Bank of Japan has been somewhat dovish on rate decisions as they have kept rate constant for a while. The Greenback was further supported against the Yen by the slightly hawkish statement of Raphael Bostic, the President of the Federal Reserve Bank of Atlanta


Today, the instrument opened above the pivot and is turning southwards on both the 4H and 1H timeframes ahead of the release of Core Durable Goods Orders form the US by 1:30 pm.
Everett Eissenstat, one of the prominent members of the Trump’ economic advisory team is reported to be departing the advisory team of the US President. News of departure from the US cabinet has been a reoccurring event and has been sending some negative sentiment to the strength of the Greenback. Uncertainties with respect to the purported resignation of Everett as well as the sentiment hovering around trade war sanctions is expected to favour demand for the safe haven Yen and pull the instrument further down (sell).

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