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USD/JPY Forecast 6 June 2016

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USD/JPY Forecast 6 June 2016
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On Friday, the pair USD/JPY lost 235 points after the release of weak US labor market data.

Today, the main event of the day will be the speech of Janet Yellen in Philadelphia. The other important news isn’t scheduled for today.

On Wednesday, Japan will present data on GDP and balance of payments. The balance of payments is projected to rise to 2.04 trillion from 1.89 trillion yen. The GDP is expected to increase from 0.4% to 0.5%.

However, if on Thursday the core machinery orders will show the projected decline of 3.2% for April, the yen will come under pressure again.USD / JPY The pair will try to rise to the level of 107.85, or even have losses in the range of 107.85-108.70.

How to trade

The pair USD/JPY will continue to move down if overcomes the range of 106.46 - 106.10. The short-term upward movement is possible in the range of 107.19 - 107.52. We would buy put options if the pair falls below 106.46. We would buy call binary options if the pair rises above 107.19.

Expiry time: 20:00 GMT

Disclaimer: The article is written for informative purposes only and it is not financial advice. The author does not have any position in the currency pairs mentioned, and no plans to initiate a position. He wrote the article himself and expressed his own opinions. He has no business nor personal relationships with any mentioned government entities or stocks. Readers should not treat any opinion expressed by the author as a specific inducement to make a particular trade or follow a particular strategy, but only as an expression of his opinion.

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