Markets  |  January 25, 2013 07:47:00

Japanese deflation sent USD / JPY again to 90.0

The Japanese economy remains in deflation. Japanese Consumer Price Index (Core CPI) adjusted food prices fell in December by 0.2 percent year on year measurement. The economy is so far opposed to the policy of the new government and the Bank of Japan (BoJ). Bank on Tuesday doubled the inflation target of 2 percent and announced a new unlimited asset purchase program from 2014.

Japanese Deputy Finance Minister Yasutoshi Nishimura said yesterday that the weakening of the yen is not yet over and the price 100 USD / JPY is no problem. Problematic for seeing values ??grow to 110 to 120, which would become more expensive, mainly imports of goods and services from abroad. Achieving the inflation target can not do so without further weakening the yen.

The falling inflation, which will force the BoJ to other stimuli, responded to the Yen, which is again against the USD was above the 90 and created a 2 and a half year highs. Yesterday weakening yen is visible on the daily chart, which created a strong bullish candle. She managed to close above the previous peaks. At the same time created a bearish RSI divergence that trend will slow down rather than him now could turn. Strong resistance is at the price of 90.7 USD / JPY. According to the analysis of the wave we are in the fifth wave from the price of 79.07 and just reaching the band between 90.70 and 91.6 would cause a deeper correction. The closest are the supports of 90.23 and 88.39.

EUR / JPY has also garnered new highs at night has been overcome and the price 120 euro against the yen keeps rising in the channel. The nearest support is the price of 120.65 and nearest resistance is 122.75.

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Japonská deflace poslala USD/JPY znovu na 90,0

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