USDJPY continues trading close to its 8-month highs due to the greenback’s strength.
The Japanese Yen remains weak against the USD – market players trust in the USD wholeheartedly. The current quote for the instrument is 108.41.
The demand for the Japanese Yen as a “safe haven” asset in the currency market is rather low as investors are still pretty sure that global economies will recover quickly thanks to the aggressive anti-coronavirus vaccination campaign, which will help consumers and businesses to return to their normal lives.
The weak Yen is a positive moment indeed for Japan because it helps exporters to feel reassured and provide more efficient support to the economic system.
The statistics published in the morning showed that the Leading Economic Index increased up to 99.1 points in January after being 95.3 points the month before, which means that businesses expected consumers and the demand to become more active and priced in these factors.
The Economy Watchers Sentiment went from 31.2 points in December to 41.3 points in January, which is also quite positive despite being rather weak.
On Tuesday, Japan is scheduled to report on Household Spending, which is very important in providing the most objective picture of what is happening in the country’s economy.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.