The Yen is trying to fix in the range. Overview for 31.01.2018

In the middle of the week, USD/JPY pair is hesitating due to a lot of tendencies and statistical reports. 

The Japanese Yen is fixing in the range on Wednesday. The current quote for the USD/JPY pair is 108.64.

Japan continues reporting on important macroeconomic indicators. In the morning, the country published the preliminary Industrial Production reading for December. The statistics are positive: the indicator added 2.7% m/m, although it was expected to expand only by 1.5% m/m. In the previous month, the index added just 0.5% m/m.

The Consumer Confidence in Japan in January remained unchanged, at 44.7 points, the same as in December, although it was expected to increase up to 44.9 points. The components of the report show that the reading improved for unemployment, but weakened for the income growth (from 43 points earlier to 42.9 points).

In opposition, the Housing Starts report was quite negative. In December, the indicator plummeted by 2.1% y/y against the expected reading of +1.1% y/y. The month before, the indicator was also decreasing, so one might notice a short-term tendency here, which may show, apart from everything else, the population’s problems relating to low consumption.  

Today’s trading session will be filled with a lot of macroeconomic reports and events. In the evening, the current meeting of the US Federal Reserve will be over. Although no one is expecting anything surprising, we can’t exclude a possible increase of volatility on the currency market.

RoboForex Analytical Department