Yesterday, the US dollar declined against the yen, reaching the last week lows. Now the level 124.00 is a strong resistance level.
The Monetary Policy Committee of the Bank of Japan stated that the country’s economic recovery continues to grow at a satisfactory pace. Also the issues of recent poor performance of advanced economies and the battle against deflation, which is caused by low energy prices, were discussed. However, in the long term, the inflation is expected to rise, the board said. The refinancing rate remained at 0.1%. Moreover, in 2016 it is planned to reduce monetary policy meetings from the current 14 down to eight.
The demand for the yen has weakened somewhat after the Greek banks were opened, but it will not significantly affect the dynamics of the Japanese currency. The nearest resistance level is 124.00 (last week high and MA with 70 period). The support level is 123.23(the last week significant support level). This website/communication is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. It has been prepared by Mayzus Investment Company Limited without taking into account any particular person’s objectives, financial situation or needs. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision. Past performance is not indicative of future performance. The future value of your investment may rise and fall with the changes in the market.
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