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JPY: Japanese Yen is at the local highs
At the Forex currency market the Japanese Yen rate remains close to the local highs on Wednesday.
Forex forecast: MACD indicator is in the negative area for the pair USD/JPY and continues to go down, confirming a pair sell signal. Stochastic Oscillator is in the oversold zone today, giving a similar signal.
Forex recommendations: in case of breakdown at the level of 80.40 the pair will go to 8020 and 79.80.
Forex forecast: MACD indicator is in the negative area for the pair USD/JPY and continues to go down, confirming a pair sell signal. Stochastic Oscillator is in the oversold zone today, giving a similar signal.
Forex recommendations: in case of breakdown at the level of 80.40 the pair will go to 8020 and 79.80.
Note that if the level of 80.0 is exceeded, the possibility of the Central Bank intervention will increase manifold.
It became known today that the Bank of Japan decided to pour Y3.5 trillion to the market to maintain liquidity level of one-day operations.
The situation remains tense in Japan: it became known yesterday that radiation background near the atomic power station in Fukishima is at extremely high level due to the accident at the power generating unit caused by the earthquake and tsunami. The situation has not changed much by the mid-day on Wednesday; the threat of high radiation background is still there.
It became known today that the Bank of Japan decided to pour Y3.5 trillion to the market to maintain liquidity level of one-day operations.
The situation remains tense in Japan: it became known yesterday that radiation background near the atomic power station in Fukishima is at extremely high level due to the accident at the power generating unit caused by the earthquake and tsunami. The situation has not changed much by the mid-day on Wednesday; the threat of high radiation background is still there.
According to the information released today, Central Bank of Japan is going to repurchase debt securities from the market in the amount of 2 trillion yen on 17-18 March. Closure of financial market due to stock market panic is not planned. In addition, starting from 22 March the Bank of Japan intends to offer bonds to the market in the amount of 300 billion yen – received funds will be spent for reconstruction.
The fact that Japanese companies have a well-developed network of foreign branches speaks in favor of the continued growth of the JPY: in the nearest future their overseas branches will allocate funds to their parent companies for restoration, which will support the Yen in the medium term.
Central Bank has already issued $87.5 billion to reassure stock markets where the panic started last week. Private Banks can count on this fund to issue short term loans.
In addition, the regulator will allocate $220 billion to rebuild national economy, which has not been strong before, and recent developments will become extremely hard burden for it.
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