10.03.2014 - A large number of important events in Japan will increase market volatility
A strong growth of volatility of the Japanese yen was caused by mixed data on the U.S. labor market, where on the one hand the number of new jobs in non-farm sector grew by 175 thousand, which is more than expected, and on the other the unemployment rate rose by 0.1% to 6 7%. As a result, after a strong upward movement, the price fell back to a strong level of 103.00. At the moment, we expect a rebound from this level and the resumption of growth of USD/JPY with the targets at 104.00 and 104.70.
Statistics on Japan almost coincided with analysts' expectations. So, as was expected, GDP growth in Q4 was 0.2%, and the balance of payments deficit totaled 0.59 trillion.
Among the important events of this week we should pay attention to the statements of the Bank of Japan on monetary policy and the release of data on the monetary base M2 on Tuesday, as well as the release of the monthly economic report of the Bank of Japan on Wednesday.
Wish you the profits!
FXFINPRO Capital Analytical department.