The Japanese yen posted sharp gains last week, as USD/JPY dropped 220 points. The pair closed at the 121 line. The upcoming week has five events on the schedule, highlighted by the Tankan Indices. Here is an outlook on the major events moving the yen and an updated technical analysis for USD/JPY.
In the US, key releases were satisfactory, led by retail sales and inflation numbers which met expectations late in the week. Expectations of a rate hike at the all important Fed policy meeting have been priced in by the markets. In Japan, GDP was stronger than expected, giving the yen a big boost.
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