By ForexMansion.com
The USD/JPY traded at the beginning of the week in narrow ranges, as trading restricted around 84.00 levels, where the pair hit its highest level in six months following the release of employment data from the U.S. economy, before it returned to retreat later in a correctional movement to settle under 84.50 levels.
Projections indicate that the upside movements are going to dominate the pair’s trading on the short term, in light of improved outlook for the U.S. economy as well as expectations of a quick intervention of the Group of Seven to sell the yen in FOREX markets in case of rapid gains for the Japanese currency.
There is no economic data from the Japanese economy on Tuesday which is shifting the focus to dollar, as the pairs movements will be based on the U.S. data and the current market sentiment.
The ISM non-manufacturing index will be announced from the US economy on Tuesday at 14:00 GMT, where the previous reading of 59.7 is expected to show a rise to 60.0. The US data will affect the Pair’s movement due to the absence of Japanese economic data.
Originally posted here
