Correction Of The Yen Keeps Going | IFCM
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Correction Of The Yen Keeps Going - 23.1.2013

The Japanese yen continues growing on Wednesday. During today Asian trading session, the USDJPY currency pair dropped to 88.05 and EURJPY – down to 117.04. Correction comes amid unambiguous sell signals, observed on the charts of technical indicators. We recall that the BOJ meeting ended yesterday did not bring any surprises to market participants. Oppositely, its outcome, being raising the inflation target to 2% and launching the open terms asset purchase program in 2014 could disappoint some investors who had expected that the regulator now makes all the efforts to support national economy. We are waiting for the Japanese data from Japan on foreign trade and inflation for December coming out tomorrow and the day after. Australian dollar got under pressure against the US dollar. However, the drop during the morning trading session was small (from 1.0565 to 1.0526), and the AUDUSD currency pair remains within yesterday trading range. The statistics on inflation in Australia for the fourth quarter of last year was published this morning. The consumer price index rose only by 0.2% in the fourth quarter (previously: 1.4%) against expected growth by 0.4%. The data testify that the Reserve Bank of Australia left a room for a maneuver in case of the need for further monetary policy easing of. Out of the macroeconomic data the point is on the UK labor market statistics, coming out at 10:30 CET. British pound currently remains under pressure against the US dollar. This morning The pair fell back below 1.5830 key support this morning. The re was no confident closing below it yet, but if it happens, the pressure on the British currency may be increased. Also today, There also will be minutes of the last BOE meeting published today. The Bank of Canada will announce the rate decision tonight. The market does not expect any changes, but the expectations of the Bank concerning national economy growth and global risks may be interesting for determining Canadian dollar dynamics.
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