By Admiral Markets
Source: Economic Events April 12, 2019 – Admiral Markets’ Forex Calendar
As we move towards the weekly close, the USD/JPY is worth another look in response to the Michigan Consumer Confidence dataset being published at 2pm GMT.
The data is expected to come in at 98.0 points after 98.4 the month before. In fact, the data set was revised to be higher in March 2019 from a preliminary 97.8, as the current economic conditions sub-index came in stronger than initially assumed.
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A similarly strong reading today, probably out of hopes that the uncertainty of the trade conflict between the US and China – which is currently holding business back as markets await a deal to be struck – could result in another push towards the current yearly highs around 112.00.
Such a bullish outlook for the USD/JPY comes from several other angles as well: from a technical perspective, the USD/JPY can be considered long on a daily time-frame if we trade above 109.70/110. While the volatility is expected to die down over the coming few days, partially due to the prolonged Easter weekend, it speaks for a potential risk-on market environment in which the JPY typically underperforms.
Source: Admiral Markets MT5 with MT5-SE Add-on USD/JPY 4-hour chart (between January 26, 2019, to April 11, 2019). Accessed: April 11, 2019, at 10:00pm GMT – Please note: Past performance is not a reliable indicator of future results, or future performance.
In 2014, the value of USDJPY increased by 13.7%, in 2015, it increased by 0.5%, in 2016 it fell by 2.8%, in 2017 it fell by 3.6%, in 2018 it fell by 2.7%, meaning that after five years, it was up by 4.1%.
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