USD/JPY

The U.S. trade balance figures for the month of January are set to be published later today during the North American trading session. Economists polled in the survey expect trade deficit to increase to $47 billion, accelerating from the 44.3 billion trade deficit posted in December.

Official data released earlier today showed that Japan had a merchandize trade surplus of 641.43 billion yen for the month of December. The headline figure beat expectations of 281.1 billion yen, but the data saw a downward revision in November from 152.5 billion yen to 150.8 billion.

Economists are hawkish heading into today's monthly consumer price index report from the U.S. Forecasts are showing that the headline inflation or CPI is expected to rise 0.3% on a month over month basis in December, pushing the year over year annual inflation rate to 2.1% for December 2016.

Economic data from the U.S. today will be focusing on details such as the trade balance, non-farm productivity and factory orders.

The third quarter GDP estimates for the U.S. is due for release today with the median forecasts estimating a modest increase in the GDP print.

Hourly trading plan on USD/JPY

The USD/JPY could go either way before the Federal Reserve meeting outcome.

The USD/JPY pair is gearing for a move, but there is no clear direction where that might be just yet.

The USD/JPY has been consolidating in a tight range which is good for binary options trading on Thursday as we look for the pair to move.

The USD/JPY could move lower if the Federal Reserve meeting minutes don't bring up some new key information.

USD/JPY set to test 115.00 soon, 114.20 first major support.

The US dollar can stage a Friday rally against the Japanese yen unless there is a big stock market selloff.

The USD/JPY pair is looking to go higher after a base was firmly set around 103.80 and trading in London drew to a close.

This pair is still under pressure, and fundamental reports have not great importance in the dynamics of USDJPY.

We are biased to see the US dollar rallying somewhat today, however longer term the outlook would depend on a larger set of data points.

The Japanese yen could continue rallying, unless we get a surprise from the Bank of Japan later tonight in the announcement of its interest rates policy by Haruhiko Kuroda.

The Japanese Yen has been rallying all day long, how much further can it go in light of recent developments and what are the best levels to place a trade.

The Japanese Yen has rallied quite a lot in recent sessions, in our view we are poised for a correction.

The Japanese Yen could stage a nice comeback after a pretty long US dollar rally.

The Japanese Yen failed to break recent ranges and remains within a tight spot. In order for it to break to either side we need fresh catalysts.