HighSky (HighSky)
Currencies  |  October 18, 2012 11:46:00

Just lose important support


Just today, growing by 0.2% d / d to 79.2. With the support of 78.7 market continues at a very important moment, because puncture multitýdenního triangle at the level of 78.8 and is currently testing resistance strength of 79.2. The break would also greatly fortified bull campaign with a direct challenge maxima of 79.6 on August 22.

USDJPY Daily comment

It was 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 andinternal 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.

The market now awaits the October index of current general economic conditions, the Philadelphia Fed's manufacturing industry (16.00 CET). The market expects a slight strengthening of mom and thus the transformation of minor recession of September to slight growth.

Josef Kvarda
Analyst
HighSky Brokers

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