Analysis and Recommendation: (close of Asian session)
The USD/JPY is trading in a tight range today, with little to no economic news in Japan or the US to move the pair. The Yen is trading at 83.74 towards the top of a small range of 83.74 to 83.71.
The pair has had very little reaction to the slowdown from China, although it has been factored in over the past weeks, since the Japanese economy is so tied to the Chinese. Today brings the Trade Balance in Japan, which could be a surprise along with US unemployment.
The pair is expected to remain range bound today at least.
Economic Events and Reports March 20, 2012 actual v. forecast
Monetary Policy Meeting Minutes
Industrial Production (QoQ)
Core CPI (YoY)
CBI Industrial Trends Orders
Economic Events Scheduled for March 21, 2012 affecting AUD, NZD and JPY
00:50 JPY Trade Balance
The Trade Balance measures the difference in value between imported and exported goods and services over the reported period. A positive number indicates that more goods and services were exported than imported.
13:30 USD Initial Jobless Claims
13:30 USD Continuing Jobless Claims
Initial Jobless Claims measures the number of individuals who filed for unemployment insurance for the first time during the past week. This is the earliest U.S. economic data, but the market impact varies from week to week. Continuing Jobless Claims measures the number of unemployed individuals who qualify for benefits under unemployment insurance.
Government Bond Auctions (this week)
Mar 22 10:10 Sweden I/L bond auction
Mar 22 10.30 UK Auctions 0.625% 2042 I/L Gilt
Mar 22 15:00 US
Announces auctions of 2Y Notes on Mar 27, 5Y Notes on Mar
28 & 7Y Notes on Mar 29
USD/JPY Pivot Points (Time Frame: 1 Day)
Name S3 S2 S1 Pivot R1 R2 R3