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JPY: Japanese Yen gives way to USD
The Japanese Yen rate is traded downward at the Forex currency market on Thursdayafter the period of steady growth.
Forex forecast: MACD indicator for the pair USD/JPY is in the positive area and is descending, giving a sell signal. StochasticOscillator started to reverse in the oversold zone, and tends to go upward.
Forex recommendations: in case of breakdown at the level of 76.80,the pair will go to 76.90 and 77.00. If upward breakdown does not take place,the pair will consolidate at the current levels.
The head of Nippon Keidanren?, Mr. Yokunera said today that strong yen affects competitiveness of Japan in a whole, which is taking ashape of trend now.
There have not been publications of anyimportant Japanese information today; news of minor importance was neglected bythe market. Minutes of the last meeting of the Bank of Japan released earlier,states that it is necessary to trace back the effect of the recent soft policy;special concern is caused by the potential impact of the expensive Yen.
The head of the Bank of Japan Mr. Shirakawa noted earlierthat growth of the JPY continues to negatively impact on the local economy andthat current rise of the JPY was provoked by European crisis. He believes thatif appropriate measures are not taken straight away, economy of Japan willdecline sharply by 2030. Mr. Shirakawa also notedthat interventions against Yen are acceptable and effective. However, practicalsteps to support the words have not been made: apparently the Japanese regulator is in the "fly-through mode" presently moreover, the Yendoes not give grounds for intervention due to its moderate activity.
We would remind that a meeting of the Bank ofJapan, which was held in December, was gloomy. Thus, the regulator noted thatgrowth of economic activity has slowed down and activity in Japanese economy iszero. The Bank has revised economic situation assessment downward in comparisonwith November, which is logical. Japanese economy will start to recover as soonas pressure from Europe diminishes. In addition, interest rate in the countrywas left unchanged at the level of 0.1%. This decision had been expected.
