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• Rouble is losing positions again in pairing with USD and EUR [11/10/2011]
• NZD: New Zealand Dollar is descending [11/10/2011]
• AUD: sales of Australian Dollar do not subside [11/10/2011]
• JPY: Japanese Yen remains in the narrow trade range [11/10/2011]

JPY: Japanese Yen continues to grow for the third consecutive day

The Japanese Yen rate continues to grow for the third consecutive day at the Forex currency market.

Forex forecast: MACD indicator is in the negative area for the pair USD/JPY, however continues to go up, giving a pair buy signal. Stochastic oscillator continues to give a n antipodal signal on Friday being in the neutral zone and trying to reach oversold zone.

Forex recommendations: off the market.

Feasible event scenario at Forex: in case of break down at the level of 82.40 traders’ targets will be the levels of   82.00 and 81.80. If breakdown will not take place, the pair will continue to consolidate close to the current levels.

This morning, Prime Minister of Japan Khan presented a new Cabinet of Ministers; the old government had resigned.

Thus, Yoshihiko Noda will become Finance Minister again, Kaoru Yosano will take the post of Minister of Economic and Fiscal Policy and Barney Qaeda will be Minister of Trade.

In general the decision was expected and it did not significantly affect the Yen.

It is worth noting that diffuse index of consumer sentiment which was made public today reached the level of -51.7 in December; while is September it was -42.1. Thus, index shows that economic sentiment continues to deteriorate for the second consecutive quarter. It seems that the country expects no good for at least the next three months.

Interest rate of the Bank of Japan is at the minimal level of 0.1% per annum. The next meeting of the Bank of Japan is scheduled for 26 January. Subsequent meetings of the Regulator will be held on 18 February, 16 March, 8 April, 23 May, 15 June, 16 August, 15 September, 14 October, 14 November, 13 December.

It became known earlier that number of orders in machine -building sector fell again for the third consecutive month, due to the obscure outlooks for the future; companies are not in a hurry to increase the level of expenditures on rates and equipment. High level of Yan can become a constraint in this case.

 

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