Dollar/yen made a sharp move higher but couldn’t break resistance eventually ended the week lower. Household Spending and Industrial Production are the major events this week. Here’s an outlook for the Japanese events and an updated technical analysis for USD/JPY.
Last week The Bank of Japan maintained its interest rate at 0-0.10% and did not alter its 55 trillion yen quantitative easing program announcing that Japan’s economic growth is flat amid a slowdown in foreign markets. However Retail sales climbed 2.5% better than predicted following 2.2% fall in the previous month indicating some improvement in the market. Will this week bring more encouraging news?
USD/JPY daily chart with support and resistance lines on it. Click to enlarge:Read the rest of the article [B][I][URL="http://www.forexcrunch.com/usdjpy-outlook-jan-30-feb-3/"]USD/JPY Outlook Jan. 30 – Feb. 3[/URL][/I][/B]
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