USD / JPY
We had little hope for the growth of the Japanese currency. Yesterday, the yen made a feat, with the support of the stock market, the yen broke out over strong technical resistances and this morning, it made the actual consolidation over all the graphics and indicator lines on a daily scale. Also, the Marlin oscillator signal line has moved to the zone of positive numbers, to the growth zone of the trend.
Yesterday, the unemployment rate in Japan in September showed a decline from 2.4% to 2.3%, to the May 1993 figure. Industrial production in the September estimate showed a decline of -1.1% this morning (the forecast was -0.3%), but after yesterday's success and today's meeting of the Bank of Japan, investors ignored this data. The Bank of Japan has maintained a neutral line.
We are waiting for the growth of the yen to the nearest embedded line of the price channel in the area of 114.75.
