HighSky (HighSky)
Currencies  |  October 04, 2012 11:51:00

USD / JPY daily just without major changes

Just today weakened by 0.1% d / d to 78.5. The market was able to overcome the falling trend line from March 78.4. The main resistance zone is 78.9 or 79.2 79.6. Important aids are 78.4, 77.9, 77.4 and 77.1.

August 22, the date of publication of the minutes of the Fed meeting on interest rates on August 1, plays a large role in the current view of the markets. That document unexpectedly greatly changed market sentiment and expectations. Fed minutes in that surprisingly explicitly expressed commitment to another round of monetary expansion due to the ongoing eurozone debt crisis, uncertainty and stress in financial markets, the weakening of economic activity and the potential vulnerability of the economy to external and internal shocks. Market prices began to count the upcoming monetary expansion and starting a few weeks turned upward trend.Expectations are then at the next Fed meeting on interest rates turned into reality.

USDJPY Daily comment

The market today will absorb the ECB's decision on interest rates (13.45 CET) or press conference of ECB President Draghi for decision (14.30 CET). The market does not expect major change in interest rates. Attention and interest in the details also attracts record of the Fed meeting on interest rates on September 13 (20.00 CET), on which the Fed announced the strengthening of monetary expansion and readiness to hold ultraexpanzivní monetary policy in the long run.

Josef Kvarda
HighSky Brokers

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