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At the Forex currency market the Japanese Yen rate is traded slightly downward on Thursday. Markets' sympathies are still with the USD, as the day is going to be eventful in terms of macro-statistics.

Forex forecast: MACD indicator for the pair USD/JPY continues to go down in the negative area, volumes are increasing, which all together gives a sell signal. Stochastic Oscillator has switched into sideways movement and is not giving a signal.

Forex recommendations: off the market.

Feasible event scenario at Forex: in case of breakdown at the level of 76.95, the pair will go to 77.00 and 77.15. If upward breakdown does not take place, the pair will focus on testing the level of76.70.

Today's statistics showed that trade balance in Japan was at the level of -Y496.5 billion in December. In addition, bank lending increased by 0.5% y/y in December against the growth of 0.2% y/yin November.

One of significant changes, which is worth noting, is the position of Japan on sanctions against Iran: Japan stated that the country is not going to support them, as it is concerned about the situation with oil prices and other energy products in the global market.

Minutes of the last meeting of the Bank of Japan released earlier, stated that it is necessary to trace back the effect of the recent soft policy; potential impact from the expensive Yen also causes special concern.

Mr. Shirakawa, the head of the Bank of Japan note dearlier that growth of the JPY continues to negatively impact on the local economy and that current rise of the JPY was provoked by European crisis. He believes that if appropriate measures are not taken straight away, economy of Japan will decline sharply by 2030. Mr. Shirakawa also noted that interventions against Yen are acceptable and effective. However, practical steps to support the words have not been made: apparently the Japanese regulator is in the "fly-through mode" presently moreover, the Yen does not give grounds for intervention due to its moderate activity.

We would remind that a meeting of the Bank of Japan, which was held in December, was gloomy. Thus, the regulator noted that growth of economic activity has slowed down and activity in Japanese economy is zero. The Bank has revised economic situation assessment downward in comparison with November, which is logical. Japanese economy will start to recover as soon as pressure from Europe diminishes. In addition, interest rate in the country was left unchanged at the level of 0.1%. This decision had been expected.

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