Forex Blog
Blog-FX.Com

• 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 is traded below resistance level, at 82.50

The Japanese yen rate continues to be corrected against the USD, below the level of 82.500 at the Forex currency market on Tuesday.

Forex forecast: Ichimoku indicator indicates the presence of a long term downward trend, quotes for the currency pair are below “Ichimoku cloud”, showing dominance of sales in the pair, which has been observed since QIII last year. Graphically the pair is trapped inside the formation “converging wedge”/”Triangle”. The lower boundary of the figure is now being held through the level of 81.10 and the upper boundary constrains the growth of quotes at the level of 82.50.

Forex recommendations: if corrective sentiment will be maintained, the pair will go to the level of 82.50. Stop by Longham is recommended at the level of 81.20 – lower than the key support level at 81.30. Potential for the downward movement is at the lows of last year, at 80.25. The growth potential remains at 83.00.

Statistics on the leading indicator index released today showed the growth rate by 0.8 points, to the level of 101.4. The growth rate has been observed for the second consecutive month, which gives a hope for the economic growth in the country in the medium term. Traders reacted with restraint to the positive data, since dynamics of the prices at the raw material market is the most important for the pair, as in case of significant correction we will see that the interest in Yen, as   a protective asset, will resume.

 

 

[More]
Tags:
Tags Cloud: holding panther materials managed total gold standard system anticipated premiums lost shnb