It is reported that major Japanese manufacturers have been more active than expected this quarter. Still, despite the positive dynamics, the forecasts are less cheerful given the near-term prospects.
Meanwhile, Tankan, which is a major Japanese index published by the Bank of Japan, remained unchanged at 12 points over the reporting period. Still, the actually figures turned out to be better than expected since analysts had expected a drop down to 11 points.
As for Japan’s service sector, the index also exceeded the estimates of 23 points by hitting 25 points over the same reporting period. We remind you that a value above zero is a good sign for the Japanese economy and backs the Japanese Yen. However, it is important to keep in mind that this time all the forecasts are with a negative bias despite the fact that all the indexes came out better than expected.
Forex
Meanwhile, Masterforex-V Academy reports that the Japanese Yen keeps on going up against the U.S. Dollar within the scope of a mid-term trend, which means that USDJPY is going down. The currency pair is going down within the scope of wave A/B of level Daily, Masterforex-V Academy report. The price is developing sub-wave 3/C inside of the move.
The closest major levels of support are MF pivot 118.05 as well as the the bottom of the ascending MF sloping channel. A break above MF pivot 122.22 as well as the the top of the descending MF sloping channel will put an end to the current price move.
