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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 tries to regain from yesterday’s fall

The Japanese Yen rate is going up slightly at the Forex currency market on Friday, demonstrating attempts to regain from the fall on Thursday.

Forex forecast: MACD indicator is in the negative area for the pair USD/JPY however it is still moving along the signal line and s not giving a clear signal. Stochastic oscillator is giving a pair buy signal, being in the neutral zone.

Forex recommendations: off the market.

Feasible event scenario at Forex: in case of breakdown at the level of 83.00 the pair will go to 83.40 and 83.90. If the level of 82.60 is exceeded, traders’ targets will be the levels of 82.30 and 81.70.

Japanese authorities noted today, commenting on the state of economy, that Japanese economy is growing, although the pace of growth is slow. In addition, the government increased the overall assessment of the economy for the first time in the last 7 months; outlook of the levels of industrial output have also been upgraded.

Japanese statistics, released this week was favorable. Thus, revised volume of industrial output in Japan increased by 1% m/m in November, which became the first factor of growth over half a year; at the same time capacity utilization rose by 1.6% m/m in November against the previous fall by 2.3% and the ratio of stocks and supplies was revised to -8.3% m/m in November against the growth by 8.4% m/m in October.

In addition, tertiary index, demonstrating the state of affairs in the Japanese service sector and expenditures increased by 0.6% m/m in November, which agreed with the forecast. It has become the sixth consecutive fact of the index growth, which is a positive indicator.

Minister of Economy Mr. Yosano expressed hope yesterday that the JPY will be traded at the adequate levels. In addition, the head of the Bank of japan Shirakawa and Prime Minister Khan exchanged views on the current situation in the Japanese economy and the world; Shirakawa drew attention again to the priorities of monetary policy in Japan.