Japan’s economy minister Akira Amari: investors to buy safe-haven yen. Global stock markets fell together from China. The need for global stock markets fell to calmly. Japan and the US economic fundamentals are sound; the whole Japanese economy continues a moderate recovery trend. The yen is considered a safe haven, showing the assessment of the Japanese economy. Whether to take additional easing measures depends on the Bank of Japan. About oil prices make it difficult to achieve the target price is right.
The pair lost all the daily moving averages, lost 20Wsma and 50Wsma as well. The earlier support base finds at 115.50. The pair is trading at 119.08 compared to 118.41 Monday’s close. Ahead of CB consumer confidence data the USD is trading higher against Yen. At today’s Asia’s session the pair is trading above 50Wsma finds at 118.90. The nearest resistance seems at 119.50 and 120.40. Until the pair close above 115.00 the bulls try to bounce towards 122.00
In the hourly chart, the pair formed a minor base at 118.26 and 117.80. The hourly and daily oscillators indicating extreme oversold conditions, possible bounce back. As of now sell on rise favors the trend. A 2day close below 115.00 the bears open doors at 112.00, 110.00 easily.