USD/JPY Fundamental Analysis February 8, 2012, Forecast

USD/JPY Fundamental Analysis February 8 , 2012, Forecast

USD/JPY Fundamental Analysis February 8 , 2012, Forecast

Economic Events: (GMT)

There are no economic events scheduled in Japan or the US that should effect the markets, today.

Analysis and Recommendation: ( close of Asian session )

USD/JPY was trading at 76.64. The dollar continued to firm as the Greek crisis continues on.

A news release this morning is still being calculated into the markets. It seems that Japan's government and central bank conducted 1 trillion yen ($13 billion) worth of unannounced forex intervention in early November, according report. Japan's last public move into the forex markets was on Oct. 31, but the report cited unnamed sources as saying further action took place after that date to seek to depress the value of the yen. Early Tuesday, the dollar was buying ¥76.56. Later Dow Jones Newswires report said foreign-exchange that Japan sold ¥8.07 trillion on Oct. 31 and another ¥1.02 trillion in the days following, with the intervention continuing through Nov. 4.

The dollar will continue to move upwards today with little economic news due.

Economic Data results prior trading 

Scheduled Sovereign Bond Sales

Feb 08 10:10 Sweden Nominal bond auction

Feb 08 10:30 Germany Eur 4.0bn Feb 2017 Bobl

Feb 08 10:30 Swiss Bond auction

Feb 08 16:30 Italy Details BOT auction on Feb 13

Feb 08 18:00 US Auctions 10Y Notes

Feb 09 10:10 Sweden Sek 0.75bn I/L bond auction

Feb 09 15:30 Sweden Details I/L bond auction on Mar 23

Feb 09 16:00 US Announces auctions of 30Y TIPS on Feb 16

Feb 09 16:30 Italy Details BTP/CCTeu auction on Feb 14

Feb 09 18:00 Italy Auctions 30Y Bonds

Feb 10 11:00 Belgium OLO auction

USD/JPY Pivot Points (Time Frame: 1 Day)