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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 retreats on Tuesday; pairs’ outlooks are obscure

At the Forex currency market the Japanese Yen rate declines under the pressure of the USD on Tuesday.

Forex forecast: MACD indicator is in the negative area for the pair USD/JPY and is going up, giving a pair buy signal. Stochastic Oscillator is giving a pair sell signal, coming out of the overbought zone.

Forex recommendations: off the market.

Feasible event scenario at Forex: in case of breakdown at the level of 83.50 the pair will go to 84.00 and 84.30. If the level of 82.50 is exceeded, traders’ targets will be the levels of 82.20 and 81.70.

The following Japanese data was released today:
– Currency reserves reduced to $1.096 trillion in December against $1.101 trillion in November. The record highs of October 2010 registered was at $1.118 trillion;
–Leading indicator index in November: 101.0 against the forecast of 100.9;
– Index of coincident indicators is 102.1 against the forecast of 102.2.

At the meeting which was held at the end of December, the Bank of Japan announced the decision to leave interest rate unchanged in the target range of 0-0.1% per annum. The vote was unanimous. In the follow-up comments the regulator emphasized that assessment of economic situation remained unchanged and economic growth will be slow and small for some time. Nevertheless, Japanese economy continues to demonstrate signs of moderate recovery. In addition, the Bank of Japan lowered its forecasts for industrial output and drew attention to the need to keep track of the downward risks to the national economy.

The next meeting of the Bank of Japan is scheduled for 26 January. Subsequent meetings of the Regulator will be held on 18 February, 16 March, 8 April, 23 May, 15 June, 16 August, 15 September, 14 October, 14 November, 13 December.

On 13 January the meeting of the Democratic Party of Japan (DPJ) will be held, which can also have a short term impact on the pair USD/JPY.

 

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