USD/JPY posted modest losses last week, closing at 122.59. The upcoming week has five events on the schedule, highlighted by Preliminary GDP. Here is an outlook on the major events moving the yen and an updated technical analysis for USD/JPY.
Key US numbers were mixed last week, as the markets continue to speculate about a rate hike in December. PPI and Retail Sales missed estimates, but UoM Consumer Sentiment beat the forecast. Earlier in the week, US jobless claims repeated at 276 thousand, coming in above the forecast for a second straight week. The Fed is leaning towards a hike, but by no means is it a done deal. In Japan, Current Account was well below expectations.
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