Tatsiana Ketrar
Forex news, USD/JPY. Large-scale producers have less pessimistic views on business sphere. This is proved by dynamics of sentiment index, received as a result of questioning large-scale producers.
During the 2nd quarter of 2012 the index has risen since the 1st quarter (-7.3) and reached -5.7.
Better sentiment has resulted from rising personal consumption and positive effect of economic recovery after the devastating earthquake in 2011, which has favourable impact on economic growth.
The index is calculated as the difference between percentages of firms that expect business condition to improve and those than expect it to worsen.
JPY is forming correction to long-term trend, directed at rising the currency rate against USD. According to Masterforex-V Trading System , USD/JPY currency pair has stopped forming bullish Daily wave А/В. When local maximum 79.78 is broken, bullish wave А/В of at least Daily2 level will continue/ Closest resistance is provided by Fibonacci points 80.12, 80.29, 80.60, and 80.88. Long-term bearish wave А/В of at least Weekly level will continue when the minimum of 77.65 is broken. Its support will be provided by long-term sloping channel MF, Fibonacci point 76.58, and pivot MF 76.01.
Tatsiana Ketrar
