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02 February 2015: USD/JPY: general overview

USD/JPY: general overview
Affected by US downbeat data, the greenback lost almost 100 points against the yen last week. GDP growth rates in the fourth quarter dropped to 2.6% against the previous value of 5% but analysts had predicted a decline to only 3.3%. The consumer spending index amounted to –0,1% given the negative growth rates. This news dropped the USD/JPY substantially, but the pair still fails to consolidate below a resistance level of 117.25.

Today, February 2nd, market participants will pay attention to January's data on the ISM manufacturing index in the USA (17:00,GMT 2) and January's data on construction spending.

The MACD histogram is in the negative zone on a H4 chart, its volumes are increasing, confirming a further downward movement. Bollinger bands are not producing any clear signals. The downward movement is limited by a support level of 117.25 which sellers have not been able to overcome for almost 2 weeks.

Resistance levels: 117.70, 117.90, 118.25, 118.50.
Support levels: 117.25, 116.90, 116.60.

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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