Forex Zone (Forex Zone)
Czech markets  |  January 30, 2013 09:47:22

The weakening of the yen helped Japan yet


Although JPY for several months significantly weakens the local economy so far, according to available data does not help. Tonight Japanese Finance Minister reduced the economic outlook for 8 of the 11 regions.

In a long series of statements, which should result in a further weakening of the yen, added his Japanese Minister Abe, who said that the Bank of Japan (BOJ) should take bold monetary easing steps to swiftly achieve the inflationtarget of 2%.

Candidate for governor of BOJ, Kiku Iwata even said that the central bank had doubled its assets to reach 2% inflation. He added that the BOJ should be independent of the choice of instruments to achieve the objectives.

JPY to last three days practically moves to the side, and as we wrote last week, so there is a large area of resistance. We will not be tempted by the media "masírkou". Pair USD / JPY at the moment in terms of long-short trade we leave them. Before arriving significant opposite trend, so there should be a few weekly (perhaps several monthly) moving to the side.

As regards developments in the monitored pair EUR / USD yesterday during the European morning weakened, but until Reviews Support around 1.3400 run out. Then came the rise and the market during the U.S. session several times attempted to test the 1.3500 level, which we are warned.

Today, after the opening of markets in Europe, the price broke above the 1.3500 level. We are currently on the long side of caution. After all, we are up over the past 14 months and do not want to take new long trades. In addition, around 1.3520 levels we see strong resistance. We will closely follow what is going on around her. After unsubstantiated growth, EUR last few weeks demonstrates, we are waiting for a healthy correction.Short trades but do not want to take time before we see input dealers to market.

Cuckold market could evening disclosure of interest rates in the U.S. and opinions FOMC. Afternoon will also be published macro data from the U.S., so today is the motto of "caution and wait."

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