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JPY: the Japanese Yen growth continues on Tuesday
At the Forex currency market the Japanese Yen rate continues strengthening much because of growing demand from the investors that look for some shelter in defensive currency.
Forex forecast: MACD indicator is in the negative area for the pair USD/JPY and is moving along the signal line, not giving any clear signal. Stochastic Oscillator is moving downward in the neutral zone giving a sell signal.
Forex recommendations: in case of breakdown at the level of 76.50, the pair will go to 76.40 and 76.30. If breakdown does not take place, the pair will consolidate at the current levels.
In tote macroeconomic background in Japan remains unchanged. Markets are waiting for BoJ interventions that still do not take place.
Tankan survey released this morning showed that big manufacturing diffusion index totaled +2 points against the forecast of +3 points, big non-manufacturing diffusion index amounted to -11 points against the forecast of -14 points and -21 points seen previously.
Statistics released earlier showed that real revised GDP in Japan fell by 0.5% q/q (-2.1% y/y) in Q2 against the forecast of -0.5% q/q (-2.0% y/y) and previous level of -0.3% q/q.
As it became known the day before, Japanese politicians will take a set of measures to weaken the national currency in the long term. Presumably, the measures will include using JPY in M&A and in securing electric payments. It also became known that currency intervention fund will be increased by JPY15 k, and the Finance Ministry noted that it would continue to monitor all possible speculative movements at the Forex currency market and couldn’t exclude actions to be taken.
A solid set of macroeconomic data was released at the end of the previous week: overall nationwide CPI totaled +0.2% y/y in August against the forecast of +0.1% y/y, Household spending totaled -4.1% y/y in August against the forecast of -2.8% y/y. Besides it became known that Unemployment Rate decreased to 4.3% in August against both the forecast and previous level of 4.7%.
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