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Strong Yen keeps Hindering Japanese Economic Growth

02 July 10:58 AM

Yen-denominated assets keep attracting central banks as they search for safe haven assets amid the continued eurozone crisis.

Last year central banks from around the globe invested in Japanese assets over ¥44 trillion, most of the sum was invested in bonds. This is the highest figure since 2002.

This leads to higher demand for the Japanese Yen and bonds. Such an immense inflow of capital makes the Japanese currency strengthen further. The strengthening hinders Japanese export, thus having a negative impact on the national economy. As a result, the Bank of Japan continues the series of currency interventions to prevent the national currency form strengthening. Last year, the BOJ spend over ¥14 million on interventions.

Forex.

According to the currency strategists of Masterforex-V Academy, USDJPY has finished forming the upswing, represented by wave А/В of wave level Daily2. A break above the local high at 80.61 will resume the forming of wave А/В, thus increasing its wave level up to Daily5. The closest levels of resistance are located at 80.91, 81.31, 81.68/74. A break below 77.65 will resume a major downswing - wave А/В of Weekly. If this is the case, the price may find support around the bottom of the MF sloping channel, pivot 76.01, as well as Fibonacci levels 77.50 and 76.57.

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