The Japanese yen had a rough week, as USD/JPY climbed 125 points. The pair closed the week at the 115 line. This week’s key event is Household Spending. Here is an outlook for the highlights of this week and an updated technical analysis for USD/JPY.
All eyes were on US Advance GDP, the first GDP report for Q4. GDP dipped to 1.9%, weaker than the third quarter but close to the estimate of 2.1%. Unemployment Claims and Existing Home Sales missed expectations, but consumer confidence moved slightly higher, beating the forecast. In Japan, inflation numbers remain anemic, as Tokyo Core CPI posted a decline of 0.3%.
Updates:
USD/JPY graph with support and resistance lines on it. Click to enlarge:
