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USD/JPY: the breakdown of the level of 109.40 _17/05/2016

Technical analysis and trading recommendations -

Yesterday's statement by Fed President Jeffrey Lacker, Richmond has supported the US dollar. During the interview, published on the website The Washington Post, that there is a "high probability" of raising interest rates at the next Fed meeting, which will take place in June, Lekker said that the general state of the US economy is "quite strong" and negative scenarios for the US economy, "never materialized."

For two days the pair USD / JPY has strengthened by nearly 100 points, and with the beginning of the month - more than 300 points, already half-blocking the fall of the previous month after the Bank of Japan in late April, I have decided to leave its policy of quantitative and qualitative easing unchanged.

The Japanese stock market is growing the second consecutive session. On Monday, the Japanese Nikkei Stock Average closed with an increase of 0.3%. The upbeat data on US retail sales on Friday improved sentiment on Asian markets as a whole. Japan's market was also supported by the strong results of several Japanese companies. Shiseido shares jumped 9.9%, shares in Sumitomo Electric Industries Ltd. rose by 14%.

Today, the growth in the Japanese stock market continues. Nikkei Stock Average on the basis of trades rose by 1.1% to 16652.80 points. Positive data on industrial production in Japan, released this morning have given additional impetus to the Nikkei index, and along with the pair USD / JPY. Industrial production in Japan for March revised to + 3.8% from + 3.6%. The level of capacity utilization in March also rose (+ 3.2% versus declines of -5.4% in February).

Regarding the pair USD / JPY especially should pay attention to the time period from 12:30 on 13:15 (GMT), when the published economic data for the US. In general, the positive news is expected in the USA. When they confirm the US dollar strengthened on the foreign exchange market, including in the USD / JPY pair, and vice versa.

Tuesday, 17 May, 2016 / 10:48

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