HighSky (HighSky)
Currencies  |  September 20, 2012 12:02:39

USD / JPY is still just close long-term maximum


Just today strengthens by 0.3% d / d to 78.1 without a major response to the bad news of Japanese foreign trade, which, however, were far from expectations. Trading revolves around supporting 78.2 line from June 1, with the key support of 77.9 and 77.1. The main resistance is in particular 78.7 and 79.2.

USDJPY Daily comment

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 will now wait for the September index of current general economic conditions, the Philadelphia Fed's manufacturing industry (16.00 CET). The market expects a slight strengthening of mom index and thereby reduce the dull recession of August.

Josef Kvarda
Analyst
HighSky Brokers

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USD/JPY Jen stále blízko dlouhodobého maxima

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