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The demand for the Japanese yen weakened slightly after the upward correction of the US dollar, which could be observed at the end of last week. Many investors used the yen as a safe haven after a serious collapse of the US stock market. This led to its growth in the area of annual highs.
At the moment, the fall of the USDJPY pair has stopped, resulting in a small technical correction.
Ignoring good data on export growth in Japan and a lack of serious demand for the Japanese yen suggests that the USDJPY correction has not yet been completed and it is most likely that the situation will not change seriously until Wednesday.
On Wednesday, the minutes of the meeting of the US Federal Reserve System for January 30-31 will be published. It is possible that the situation regarding a further increase in interest rates in the US will be able to clear up a bit.
As noted above, exports from Japan for the month of January 2018 grew due to a good demand for equipment. According to the Ministry of Finance of Japan, exports from Japan increased by 12.2% compared with the same period last year, while economists expected the growth rate of 11.0%.
Japan's foreign trade deficit for the month of January amounted to 943.4 billion yen. Experts expected that it would be at 1.004 trillion yen.
As noted by the Ministry of Finance, a good recovery of the global economy will continue to support the steady growth of Japanese exports. The positive trade balance of Japan with the US for the month of January fell by 12.3% compared to the same period last year, to 349.6 billion yen.
However, as for the world economy, an interesting report of the organization for economic cooperation and development will be published today. This states that the GDP growth of developed economies in the fourth quarter of 2017 slowed compared to the previous quarter.
According to the data, the world GDP growth was 0.6% in the fourth quarter of 2017 compared to the previous quarter after an increase of 0.7% in the third quarter. In general, the GDP of the OECD countries grew by 2.5% in 2017 compared with the previous year, after rising by 1.8% in 2016.
Important data for this week will come on Wednesday. The publication of supply managers' indices for the euro zone's manufacturing and services sector is expected, as well as January data on inflation in the euro area.
As for the technical picture of the EURUSD pair, the pressure on the euro may remain at the beginning of this week. All attention is still focused on the support area of 1.2390. The breakthrough at this level will lead to continued sales of risk assets with a yield of 1.2350 and 1.2320, where large players can return to the market once again.
In case of growth above 1.2460, a demand for the euro may also increase, which will lead to the renewal of last week's highs to around 1.2510 and 1.2550.
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