The USD/JPY pair advanced last week to its highest level in three weeks, where the cheerful U.S. Housing data helped support the market confidence which
USD/JPY Forecast Dec. 27, 2011, Fundamental AnalysisThe USD/JPY pair advanced last week to its highest level in three weeks, where the cheerful U.S. Housing data helped support the market confidence which increased demand for higher-yielding currencies, sending the yen and the greenback to the downside.
Narrow range trading is mostly expected for the USD/JPY pair during this week, as the volume will be at its lowest due to the holidays which will drag investors out of the market.
On Tuesday at 05:00 GMT, Japan will issue the annual Construction Orders for November, where the previous reading was up by 24.3%, on the other hand the Annualized Housing Starts for November is expected to come at 0.802 million from the prior 0.774 million.
On Tuesday at 15:00 GMT, the U.S. economy will release the Consumer Confidence for December, where it’s expected to rise to 58.5 from the previous reading of 56.0.
