Forex news, yen rate. Japan keeps supporting the efforts of the EU to stabilize economy by buying another 8% of EFSF security issue. The present share of Japan in the Facility amounts to over 16% or €3.66 bln.
Japanese government still believes in credit capacity of European countries, expressing more concern about spreading of crisis at domestic market. If situation in Europe gets worse, demand for Japanese products will fall, and yen investments will rise. Further rise of Japanese currency will have a negative impact on local exporters.
Japanese government is intended to continue investing its funds into EFSF securities, despite their lower rating in S&P agency.
Yen rate will keep rising against US dollar. According to the experts of Мasterforex-V Trading System, bearish FZR of Weekly level introduces the start of long-term bearish trend of USDJPY currency pair. Further rise of yen rate will keep forming sub-wave А(С)/С within long-term bearish wave А/В. The nearest support will be provided by Fibonacci points 76.50, 76.21, and 76.03. The present sub-wave will finish when internal sloping channel MF and pivot MF 77.06 are passed.
