On Tuesday (January 17), the Asian market was in early trading. USD/JPY oscillated sideways and traded around 76.80. The exchange rate was below the 20-day moving average and the short-term moving average indicator was bearish.

According to data released by Japan, the monthly rate of Japan’s tertiary industry activity index fell by 0.8% to 98.0 in November, which is expected to decline by 0.4%, and the previous value rose by 0.6%. Although this data is not optimistic, the USD/JPY reacts coldly.

The data also shows that from the perspective of sub-sectors, the wholesale and retail trade industry, residential-related, personal service and entertainment industries, and the financial and insurance industries are the most heavily indexed. The comprehensive services industry, which excludes government services, and the information and communications industry, rank among the top two in the index.

Earlier, Bank of Japan Governor Masaaki Shirakawa stated that the Japanese financial system is still generally stable and will continue to fight deflation. Although the Japanese banking industry has no problems in obtaining funds, it must be vigilant that the European debt issue must be alert to the risks of the financial system.

Overall, Japan’s recent economic conditions have been within control, and the economic data has been pleasantly surprised. The Japanese authorities also showed full confidence in continuing to fight deflation. Therefore, under the European debt crisis sweeping across the world, the yen has a considerable risk aversion relative to other currencies. This is the reason why the yen has recently followed the US dollar. It is expected that the USD/JPY will continue sideways if there is no major event. Oscillation trend.

Technically, the USD/JPY is still under pressure from the average short position. The exchange rate is consolidating between 76.20 and 77.55 for a period of time, and if it breaks through the support of 78.25 and 79.55, the callback will be expanded and tested on the 80.25/60 zone. 83.60 or even 85.55/86.00. The short-term resistance is in the 75.50/80 zone and once the target is crossed, it is extended to 74.85 or even 70.75.

Solar Underground Light

Solar Led Lighting,Solar Underground Light,Solar Flood Light Outdoor,Solar Ground Plug Spotlight

Changzhou Fuyuan Wind Power Technology Development Co., Ltd. , https://www.wind-turbines-generator.com