Jun 13 2016

Rate Range Projection by Bank

Next week 105.00 –108.00
Next 3 months 103.50 - 110.00

The below is a topic from market news

USD/JPY Forecast: Glut Of Japanese GDP Data May Leave Yen In Strong Position

lthough the Japanese Coincident and Leading Indexes showed some improvement on the month in April this failed to encourage particular confidence in the Yen (JPY).

Consequently, in spite of the eliminated odds of a June interest rate hike from the Fed, the US Dollar to Japanese Yen (USD/JPY) exchange rate trended higher.

Having seen a steady recovery earlier in the day, the US dollar to yen exchange rate fell after FED Yellen's dovish speech late afternoon.

Japanese officials were fast to talk down the strength of the Yen exchange rates following Friday’s sharp decrease in value of the US Dollar (USD).

As markets await direction from Fed Chair Janet Yellen the US Dollar strengthened against many of the majors, with some of the currency’s recent slump being considered oversold.

Going into the weekend, the US dollar to yen exchange rate ended the week over 400 pips lower following particularly dismal US labour market data.

Meanwhile, safe-haven demand caused the JPY exchange rates to advance, especially after domestic services output surprised to the upside.

Forex traders will pay close attention to Federal Reserve Chairwoman Janet Yellen’s speech amid concerns of long-term delays to a cash rate increase.