On Monday, the USD/JPY pair is trading unevenly; in the nearest future, the Japanese Yen will have a reason to become more stable.
The Yen retreated against the USD on Monday. The current quote for the instrument is 112.87.
The statistics published by Japan this morning turned out to be rather interesting. The Consumer Confidence increased from 44.5 points in October to 44.9 points in November against the expected reading of 44.8 points. The number published today is the highest over the last 50 months. Unfortunately, it’s still under 50 points, a psychologically-crucial level that defines optimism and lack of confidence, but the dynamics is surely positive.
The components of the report show the income index growth (up 0.5 points to 43) and the willingness to buy (up 0.4 points to 44).
However, the Yen wasn’t inspired by the report due to two significant pieces of news from the USA. The first one is that the US Senate approved the taxation system reform. The second piece of news is related to a political scandal connected to investigation into Russia's election meddling last November.
Right now, investors are focused on the first of them and their attitude to the USD is positive. It might as well be temporarily, that’s’ why the Jen has a chance to recover quite soon as a “safe haven” asset.
RoboForex Analytical Department