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At the Forex currency market the Japanese Yen rate is being corrected on Thursday morning – the “bulls” have not been strong enough only a day ago, however today they received support from the external background.

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

Forex recommendations: in case of breakdown at the level of 76.80, the pair will go to 77.00 and 77.30. If upward breakdown does not take place, the pair will consolidate at the current levels.

It is interesting that “bulls” were more persistent this time, external background had also been favourable: interest in the Yen, as a protective currency as slightly subsided and plus to this, there is still a high risk of another round of intervention of the Bank of Japan.

Yesterday investors discussed attempt of Bank of Japan to conduct intervention, which was not successful. The Bank of Japan does not make any comments on this, maintaining its existing position: which is quick reaction in case of need.

It became known earlier that revised industrial output in July rose by 0.4% m/m against preliminary value of +0.6% m/m, which is logical since the decline that is being observed in all sections was caused by the slowdown of the world economy.

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. Statistics released yesterday showed that bank lending fell by 0.5% in August against the decline of 0.6% in July. In addition, index of economical observers who monitor current situation fell to 47.3 points in August against the level of 52.6 points in July.

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