USDJPY. Japan’s Manufacturing PMI (June 23rd 02:00 GMT)
Last week the Bank of Japan against all expectations decided not to widen the scope of measures for economic stimulation. The decision was dictated by the excellent economic indicators coming in lately: growing inflation, low unemployment rate, economic activity improving steadily. The Yen strengthened even further once the news of the decision were made public.
Now the attention of traders is focused on reports associated with changes in GDP. If the Manufacturing PMI report does not disappoint, Japan’s national currency will get yet another impulse to grow.
Other field of Japanese economy continue developing at a moderate pace. Industrial production data was published last week and it was a bit better than the forecast:
Due to “Brexit” and possibility of UK leaving EU, high volatility is expected on all the assets that includes JPY, because it is a “haven-asset”.
USDJPY chart:
According to the technical analysis, there is still a downward trend on USDJPY D1 chart and “Parabolic SAR” and “Stochastic” prove it. But the same as it is with EURGBP, fundamental factors will prevails this week.
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