USDJPY Fundamental Drivers Analysis


The Bank of Japan (BoJ) has kept the pair cross under pressure as the 10 January USDJPY Fundamental Drivers Analysis briefly explains. Learn more.

10 January, OctaFX – In the United States, a report on export and import prices will make headlines at 13:30 GMT. Later in the session, the Department of Commerce will report on wholesale inventories for the month of November.

Oil traders will also be monitoring the weekly crude inventory report courtesy of the US Energy Information Administration (EIA). The EIA is expected to show a weekly drawdown of 4.1 million barrels in the week ended 5 January, following a drawdown of 7.41 million barrels the week before.

In monetary policy, Federal Reserve Bank of Chicago President Charles Evans will deliver a speech at 14:00 GMT. The Fed will hold its next monetary policy meeting later this month. It will be the last meeting chaired by Janet Yellen.

10 January USDJPY Fundamental Drivers Analysis

The Japanese yen declined on Wednesday, as the dollar regained its composure following a series of heavy losses early in the week. The USD/JPY exchange rate fell 0.3% to 112.30. It now faces a support level of 112.10. On the opposite side of the ledger, resistance is likely found at 113.40.

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