Alex von Stachelkopf
According to Masaaki Shirakawa, Governor of the Bank of Japan, the Japanese economy is showing signs of recovery. During today’s meeting, he promised to resume the quantitative easing program.
The Governor expressed concerns over the current economic instability around the globe, including the prolonged eurozone crisis, higher US bond yields and a range of tough measures implemented by the governments of some emerging economies.
The Bank of Japan is fully aware of the difficult situation it is currently in: It is necessary to curb the deflation and go back to stable economic growth, simultaneously keeping prices stable. In order to fulfill that goal the Bank of Japan is ready to continue its easy money-and-credit policy.
Forex.
According to , the short-term technical outlook for USDJPY looks as follows:
Up: There is a break above А h2 = FZR а С/С h2 is being formed. А m30 is completed.
The sloping channel of wave С h4 is broken- the end of C h4 82.92-80.57.
Wave 4 h4 is probable, The target is 81,54 (the top of А h4).
Down: Wave В h2 81.12-80.72 is completed. The price is currently forming wave В m30/bС h2, which may reach 80,77.
A break below 80,57/80,72 and 80,73 - wave 5 h4.
The possible closest bullish targets:
81,47 - 38 С h4 + 162 А h2
81,74 - 50 С h4 + 223 А h2 + pivot 81,74
Alex von Stachelkopf
