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JPY: Japanese Yen started this week with decline
At the Forex currency market the Japanese Yen rate is becoming lower on Monday after Friday’s growth.
Forex forecast: MACD indicator is in the negative area for the pair USD/CHF, however is going up, and is shaping a buy signal. Stochastic Oscillator is going down in the neutral zone and is giving an antipodal signal.
Forex recommendations: in case of breakdown at the level of 80.90, the pair will go to 81.10 and 81.25.
If the pair turns out be weak, the target for the pair will be the level of 80.50.It became known today that consumer confidence index in Japan rose to 35.3 points in June against the level of 34.2 points in May. It is a good sign, showing that economy in the Country of the Rising Sun continues its slow but sure recovery.
Statistics released earlier showed that bank lending in Japan decreased by 0.6% y/y in June against the forecast of -0.5% y/y.As it became known earlier, preliminary index of leading indicators in Japan rose by +2.4% m/m in May while the forecast had been +2.5%.
At the same time preliminary index of leading indicators in may rose by 3.6 points versus the reduction of 3.4 points in April. Indicator of delayed indices rose to 91.5 points (+0.7 points) in May. Based on statistics, authorities of Japan indicate that national economic situation has improved.
The head of the Bank of Japan Mr. Shirakawa said at the beginning of the week that economic growth of the Country of the Rising Sun has faced powerful downward pressure. Nevertheless 7 out of 9 regions of the country have revised their economic forecast upward. In addition, orders in the machine-building industry of Japan rose by 3.0% m/m in May against the fall of 3.3% in April.
According to the Cabinet “orders are recovering, however some sectors are lagging behind”. The indicator is usually considered as a leading index of corporate capital expenditures.According to the data released earlier trade balance deficit in May (first 20 days) rose to Y1.053 trillion against the level of Y465 billion in April. It also became known that exports volume for the first 20 days in May totaled - 9.3% y/y versus the fall of -12.4% in April.
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