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Technical indices spur yen’s rise
Technical indicators participated in supporting the Japanese yen`s value increase following the previous sell operations. The current decline trend for the yen is expected to last over the next short or mid terms.
The present trend for the yen is at large because investors are expecting Japanese government and the Bank of Japan to inject further stimulus and raise inflation rate during the upcoming period according to Abe’s calls for unlimited easing.
On a different end, China`s services sectors rebounded and advanced for the first time since August last year. The improvement in services added to signs that Chinese economy is witnessing stability, which helps the Australian dollar to gain versus U.S. dollar.
The AUD/USD pair rose to a high of 1.0437 after being traded near 1.0408 at the beginning of today`s session and before tomorrow’s RBA rate decision.
The USD/JPY pair fell to 92.48 due to the saturation of technical indicators to buy at different time levels. EUR/JPY pair fell to 126.04 after being traded near 126.77 with the beginning of today’s session.