USD/JPY started with a gap this week which is currently being filled by the bears and proceeding towards the support area of 110.80 to 111.70. USD has been struggling recently with the gains ahead of the upcoming NFP and Rate Hike in this month whereas JPY has been quite well with the economic reports. This week JPY Monetary Base report was published as expected at 13.2% from the previous value of 14.5% and Consumer Confidence report showed slightly better figure at 44.9 from the previous figure of 44.5 which was expected to be at 44.8. Today, JPY BOJ Core CPI report is going to be published which is expected to be unchanged at 0.5%. The positive economic reports do indicate that JPY is going have a better share of the market against USD whereas upcoming USD economic reports may change the course totally. This week NFP, Average Cash Earning and Unemployment Rate reports are going to be published on the USD side which is expected to have a good impact on the pair and growth of JPY against USD. Ahead of the high impact economic reports, today USD ISM Non-Manufacturing PMI report is going to be published which is expected to decrease to 59.2 from the previous figure of 60.1, Trade Balance is expected to have a greater deficit of -46.2B from the previous figure of -43.5B, Final Services PMI report is expected to show an increase to 55.4 from the previous figure of 54.7 and IBD/TIPP Economic Optimism report is also expected to increase to 54.6 from the previous figure of 53.6. As of the current scenario, USD economic reports today are expected to be quite worse than previous figures and values which may affect the gain of USD ahead of the upcoming high impact economic reports on Friday but currently JPY is expected to gain further momentum over USD and push the price lower until USD comes up with better than expected economic reports to support its gains over JPY.
Now let us look at the technical view, the price is currently showing some bearish pressure on the way of filling up the bearish gap and progressing towards the support area of 110.80 to 111.70. The price is expected to be quite corrective in nature and expected to push lower as the price resides below 113.00 price area with a daily close.
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