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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 gained support at the level of 81.30

The Japanese Yen rate continues to be corrected against the Dollar at the Forex currency market on Tuesday, after it has reached important level of support at 81.30.

Forex forecast: Ichimiku indicator demonstrates existence of a long term downward trend, quotes for the pair is below the “Cloud Ichimiku”, showing that sale prevails in the pair, which has been observed since the end of summer last year. A significant resistance level goes through losses zone of the fast sliding average at 82.70. Sliding averages are in the power of “bears”.

Graphical analysis of the currency pair revealed presence of the converging wedge shape (triangle); the exit from which is hold back by the level of 81.30 at the bottom and by the level of 83.00at the top.

Forex recommendations: if correctional sentiment for the pair will be maintained, the pair will go to the level of 82.70. Stop on Long is recommended at the level of 81.20, below the key level of support at 81.30. Potential for the downward movement is at the lows of last year, at 80.25.

Weak dynamics of the rate Dollar/Yen is explained by the celebration of the New Year in accordance with Chinese calendar both in China, and in Singapore. Of all the expected events of 4 February we would highlight publication of the review on the state of the U.S labor market in January.

 

 

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