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Global macro overview for 12/09/2016:
According to the Cabinet Office data, the Core Machinery Orders from Japan rose unexpectedly in July. Despite expectations of market participants, the core machinery orders increased by a seasonally adjusted 4.9% in July, way above the -3.5% anticipated number, but still lower than last month reading of 8.3%. The Bank of Japan will conduct a comprehensive review of monetary policy at its upcoming meeting on September 20-21, so maybe some BoJ policy-maker will explain why they are still chasing the 2% inflation target while all the data is showing the complete opposite action. As we remember the BoJ introduced the negative interest rate in January 2016, which proved later to be a very unpopular move among the market participants.
Let's now take a look at the USD/JPY technical picture on the daily time frame. The technical resistance at the level of 103.99 was clearly rejected, the market reversed and now is trading around 55 DMA at the level of 102.23. There is no signs of a downtrend reversal and bears have a total control over this market. The next support is seen at the level of 99.55 99.01.
Le recensioni analitiche di InstaForex ti renderanno pienamente consapevole delle tendenze del mercato! Essendo un cliente InstaForex, ti viene fornito un gran numero di servizi gratuiti per il trading efficiente.
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