Let’s take a look at the economic calendar and the most important events that will shake markets next week.
USD/JPY: forecast for Nov. 27 - Dec. 1
The decline of USD/JPY continued. The pair slide to 111.00 area. The general weakness of the US dollar was the main reason behind its decline.
With a December Fed rate hike almost fully priced in by now, and uncertainty about next year's Fed policy plans, there are reasons to expect further weakness in USD/JPY by the year-end.
As usual, the focus will be on the US economic calendar with such releases as new home sales, CB consumer confidence, preliminary GDP, core PCE price index and ISM manufacturing PMI. At the same time, by the end of the week, we’ll hear from Japan as well: there will be industrial production figures on Thursday and inflation on Friday.
Resistance lies at 111.70 and 112.20, where we find 200- and 50-week MAs. These lines are about to produce a negative intersection. A decline below 111.00 will open the way down to 110.25 (100-week MA).
Check key levels for USD/CAD and CAD/JPY.
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Find out the key levels for trading the GBP and the NZD ahead of the important releases.