Forex news. The bids at Japanese stock exchanges on September 20 finished with the drop of Nikkei index by 1.6 %. The main reason for this was the debt crisis, which remains in Euro zone. In particular, today it has been reported that S&P had lowered the credit rating of Italy.
The shares of Japanese leading banks, which make up the countries three leading financial institutions, have dropped in price. These banks are Mitsubishi UFJ, Sumitomo Mitsui, and Mizuho. Companies Sony, Panasonic, and Toshiba have experienced serious decline, for their quotations have, on average, lowered by 2%. In general, by the results of September 20, Nikkei index has dropped by almost 195 points.
Japanese Yen rate is within the long term bear trend at Forex market, as admitted by the experts of Masterforex-V Trading System . Bear wave C of H4 minimal level with 77.32 point of entry MF remains. Bear wave с(С) of m15 wave level is to be formed and break the local minimum 76.31 for the further downwards movement. The nearest levels of support are 76.24 and 76.16. The trend can turn only once slopping channel MF and pivot MF are broken at the point of 76.52, provided that there is АО support (see chart).
