The dollar / yen had a busy week, and finally managed to push more. The final results of the GDP are the highlight of this week. Here are an overview of the Japanese and a technical analysisupdate for the USD / JPY.
Last week was expected to jump by encouraging Japan to 1.9% in the path of least January sales over the 0.2% decline. Industrial production rose by 2.0%, better than expected rise of 1.6% and increased investment by 7.6%, in contrast to the expected 6.4% decline analysts. However, the weaker outlook in the U.S. is QE3 certainly helped the dollar.
USD / JPY daily chart support and resistance lines on this issue.
1.Average Cash Earnings: Tuesday, 13.30. Japanese wages fell 0.2% in December last year following a drop in the same month. However, this reading was higher than expected 0.3% decline from the analysts. Recent cases occur, due to the global economic slowdown and the strong yen. A decline of 0.3% is now expected.
2.Leading Indicators: Wednesday, 05.00. Japan’s benchmark index rose 0.6 points to 94.3 in December from November, raising hopes of an economic recovery in the future. Meanwhile, the index rose for the measurement matches current economic conditions to 93.2 in November from90. 3. Increased more than expected 95.1.
3.Final GDP: Wednesday, 23.50. Japan’s economy grew by 1.4% in the third quarter, less than the temporary increase of 1.5% due to lower investment and consumer spending. A decrease of 0.2% is expected this time.
4.Economy Watchers Sentimen: Thursday, 05.00. The Japanese sense of service-sector of the current economic conditions fell in January from 47.0 to44. 1 in December because of the strong yen and poor weather. Nevertheless, the government believes the economy has recovered somewhat. An increase of 46.3 is expected.
5.M2 money Stock. National Treasury Thursday, 11:50 in Japan in circulation rose by 3.0% in January year on year to expect a revised 3.2% in December, the growth rate of 3.1% of analysts. A further increase of 3.1% is expected today.
* All times are GMT
USD / JPY Technical analysis
Dollar / yen began with an unsuccessful attempt on the line 81.50 (mentioned last week) to break. Then he slipped and fell from 81.50. Another attempt was called 81.50. But eventually the couple got up to close at 81.80.
Technical routes up and down
85.50 is still a long way. But it comes close again. It was a culmination of a strong movement in March 2011. Detained for more than a day. 84.50 capped the pair in late 2010 and early 2011 and is also an important focus.
An important resistance level is at 84, which limits the pair again in February 2011. She is followed closely with 83.50 minor resistance.
82.87 was the line in which the BOJ intervened in September 2010 and later worked in both directions. 82.20 was a stubborn peak in May 2012 and is now in greater detail. Is likely to be resisted strongly.
81.50 was a clear line of resistance, which marks the biggest event in the summer and about to change the position. 80.50 temporarily limited the pair in the wave of February 2012, and served later as a battle line.
Add the round number 80, the strong support in June, is the following line, and is of great importance. 79.50, is now a battlefield. This is the line which was reached after the last non-stealth intervention.
78.30 a second takeover attempt capped in November, after the surgery and had an important role before, so they work as a support. After the break, climbing demonstration. Now go help. 77.50 is lower now. It worked well and in October rose in February 2012 was not a clean break.
The round number of 77 is a cap, and more importantly, and only temporarily injured. Followed closely followed by 76.60 it was an important line of support for the principle of 2012. Once removed, try to move beyond this level is limited.
I am optimistic on the USD / JPY.
QE3 smaller prospects in the U.S., higher performance and the point of the Japanese trade deficit to a higher level for the pair. The yen has benefited from an upward revision of GDP. But the long-term trend is higher.
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