USD/JPY plunged to start off the week but recovered and ended the week unchanged. The upcoming week has seven events, highlighted by Average Cash Earnings. Here is an outlook on the major events moving the yen and an updated technical analysis for USD/JPY.
The yen rose sharply early in the week in response to the financial meltdown due to the Chinese stock market crash. In Japan, consumer spending numbers missed expectations, while retail sales were excellent. Over in the US, Preliminary GDP beat expectations, helping the greenback recover.
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