Dollar/yen broke down to levels last seen in February as safe haven flows outweighed all other factors. Current account and Final GDP are the main events this week. Here’s an outlook for the Japanese events and an updated technical analysis for USD/JPY.
Also US weakness contributed to the pair’s fall: the Non-Farm Payrolls report was terrible, with a small gain in jobs and significant downwards revisions. Japan’s household spending surprised in April with a third straight year-on-year rise of 2.6%, thanks to a revived government subsidies for buying low-emission vehicles. However retail sales rose below forecasts growing 5.2% while expected a bigger climb of 6.2%. Nevertheless this is an impressive figure indicating growth in the Japanese economy. Let’s Start:
Read the rest of the article [B][I][URL="http://www.forexcrunch.com/usdjpy-outlook-june-4-8/"]USD/JPY Outlook June 4-8[/URL][/I][/B]
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