JPY look going more low, i don't know would be happen on next week, but i read on many forex analyze websites says "JPY :
Yen and Swiss Franc Report as NY State Survey Spurs Recession Worry
The Japanese yen and Swiss Franc are boosted in early US session after a surprisingly weak NY State Manufacturing index spurred worries on risks of deeper slowdown and recession in the US economy. The index unexpectedly sank from 9.0 to -11.7, marking the first contraction reading in nearly three years. Stocks are set to have a lower open in the US. Yen and Swissy both rebounds strongly against the greenback on risk aversion. Meanwhile, dollar is mixed against other major currencies. Other data from US saw TIC capital flow dropped more than expected to 56.5b in Dec. Industrial production rose 0.1% in Jan, inline with consensus while Capacity utilization was unchanged at 81.5%. Import prices rose more than expected by 1.7% mom, 13.7% yoy in Jan.
then, with this one :
Yen Weakens Broadly Again
The Japanese yen weakens broadly into European session after Asian stock markets pared earlier losses. BoJ left rates unchanged at 0.50% as widely expected, by unanimous vote. In the
monthly report , BoJ left economic assessments unchanged, saying that the Japanese economy is still expanding moderately even though the space is slowing due to drop in housing investment. Fukui later mentioned that risks to the Japanese economy have heightened and inflation risks are smaller than those of the US and Europe.
Dollar also remains generally weak, in particular against Euro and Aussie after dovish comments from Bernanke overnight. Bernanke acknowledged that the outlook for the economy has worsened in recent months, and the downside risks to growth have increased." Risks to growth in the US outweigh inflation and further rates are likely from Fed as the Fed needs to provide "adequate insurance against downside risks." That suggests more rate cut will be seen from Fed in March. Former Fed chairman Alan Greenspan said that US economy is "clearly on the edge" of recesssion.He reiterated earlier comments that odds of an economic contraction are "50 percent or better."
Looking ahead, Eurozone trade balance will be released in European session and is expected to narrow from 2.6b to 2.4b in Dec. A bunch of economic data from US will be released. Import price growth is expected to climb 0.5% mom, 12.7 % in Jan. TIC capital flow is expected to drop from 90.9b to 69.0b in Dec. industrial production is expected to grow 0.1% mom in Jan. Empire state survey is expected to drop from 9.0 to 7.8 in Feb. U of Michgan consumer sentiment is expected to deteriorate further from 78.4 to 77.3 in Feb.
news from actionforex.
So, i will check for long at UJ, any suggestion ?
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