For a second straight week, USD/JPY pushed above the 125 line, but failed to consolidate these gains and showed no change at the end of the week. The upcoming week has six events, led by Preliminary GDP. Here is an outlook on the major events moving the yen and an updated technical analysis for USD/JPY.
The markets remain in a wait-and-see mode as to the timing of rate hike by the Fed, as the guessing game continues. Meanwhile, Retail Sales were strong, but employment and consumer confidence numbers were slightly lower than expected. Japanese data disappointed, as the current account surplus and manufacturing numbers fell short of expectations.
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