Forex forecast USD/JPY: the yen continues to rise

In the first half of the day should pay attention to the publication of important macroeconomic statistics from the Country of the rising sun. Published last Friday a report on the household expenditure for November points to a decline in retail trade. The growth of the PMI of the manufacturing sector, together with increased orders for machinery and equipment is expected to release industrial production data better than the consensus forecast.

Given these factor, we can expect a moderate correction in the USD/JPY pair that you want to use to build short positions, because as noted above, one may expect weakening of the U.S. dollar.

Against this background, in the first half of the day should be opened Sell position on the growth of quotations in the area 120.50/120.80 and take profits at around 120.10.

Source: FreshForex

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