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Credit Agricole: Yen Rate Waiting for Consolidation

27 February 06:34 AM

Forex news, yen rate. Yield of American government bonds has a strong impact on Japanese yen. Stagnation of the yield may keep yen from further decline. Despite this, Japanese exporters keep selling national currency, at the same time lowering it against US dollar to the minimal point for the last 7 months.

Stimulation measures held by the Bank of Japan as well as worse trade balance of the country’s current account have lead to the loss of 5% by Japanese currency against American dollar.

Credit Agricole supposes that USD/JPY pair will enter into so-called consolidation phase, as its movement is interrelated with the yield of US government bonds. During the previous week it has risen by 2.08% in comparison to 1.7920 in January, which has lead to the rise of American currency.

Rate of Japanese yen keeps forming long-term wave А/В, directed at weakening Japanese currency. According to the experts of Мasterforex-V Trading System, bullish wave А(С)/С is currently formed; it will be over when pivot MF 79.84 and bullish sloping channel MF are passed. If yen rate keeps getting weaker, it will form 5^th sub-wave or sub-wave А as a part of Elder’s Hound/MF. The closest resistance to further bullish trend of USDJPY currency pair will be provided by pivot MF 81.48 and Fibonacci points 81.75 and 81.98.

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Text: Eduard Culchenko, expert of Masterforex-V Trading System

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