Major Japanese manufacturers saw decreased performance in Q2 2016, which is confirmed by the governmental report released the other day. At the same time, the report indicates worse business sentiment among major Japanese manufacturers as well.
The index measuring their business activity dropped all the way down to -11.1% over the reporting period. For the sake of comparison, the first quarter indicated -7,9%, which indicates slightly less considerable business pessimism, Market Leader reports. The index measures the balance between positive and negative economic estimates. It is based on the results of the survey conducted among the managers of the country’s major manufacturing companies and is used to track economic trends.
FOREX
Meanwhile, Masterforex-V Academy experts say that the Japanese Yen is still getting stronger against the U.S. Dollar, which means that USDJPY is going down. To be more specific, the currency pair is currently developing wave a(C )/C of level Daily. There is a minor wave – wave C inside of the mentioned move.
On breaking below the 105.73 low, the currency pair is going to continue the bearish move. If that’s the case, you will be able to find the next major levels of support around 105.54, 105.18/01, 104.28/25.
Alternatively, a break above the top of the descending MF sloping channel and MF pivot 107.18 is going to complete the downtrend.
