USD/JPY posted modest losses last week, as the pair closed slightly below the 120 level. The upcoming week is a quiet one, with just five events. Here is an outlook on the major events moving the yen and an updated technical analysis for USD/JPY.
The yen was the only major currency that failed to post gains against the dollar following the release of the Fed minutes. Japanese releases were mixed, as Current Account beat the estimate, but Core Machinery Orders posted a sharp decline and missed expectations. In the US, Services PMI and Trade Balance were weaker than expected. There was better news on the employment front, as unemployment claims easily beat the estimate.
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