Technical Analysis
USDJPY Breached the Year's High May Aim for 104.35. Next: 107 to 114?
Today we are going to take a look at USDJPY for a break of this year high at 103.73 was seen early this morning.An ascending triangle can be seen from the trendline drawn from the highs of 2009 and 2013 lies at 104.25(long-term resistance) and a break higher may put pressure to move further up to the low of November 1,2007 low of 107.25 initially.While the measured move of the triangle may be seen as long term goal at 114.67.
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Fundamental Analysis
Japan's 2nd Month Growth Forecasts Cut on Weak Capital Expenditure
Economists cut Japan’s economic growth forecast for the second straight month as a slowdown in capital expenditure and lackluster export demand weighs on the outlook for the current fiscal year. The economists stuck with their view that Japan’s growth will slow further next fiscal year due to a planned increase in the sales tax in April. The biggest downside risks to this scenario are a longer-than-expected downturn in consumer spending after an increase in the sales tax, the poll showed, as well as if overseas economies unexpectedly weaken.
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