ANALYSIS
NQ100 Finds Support from PPIApr 14
Currency Pressure May Increase at USDJPY
Due to speculation in the markets that the Japanese authorities will intervene in the free fall of the yen, we have seen a limited withdrawal in parity. However, aside from the Bank of Japan's (BoJ) monetary policy difference adopted with the FED, the trade balance, which had a record deficit of $19.71 billion in August in Japan, indicates that the currency pressure in the parity will continue. From the technical view, it is observed that the parity defends the second rising wave with the Fibonacci 50.0 percent fan line. Above, 144.30 resistance is critical. Exceeding this level can accelerate purchases and bring 145.70, which will be the peak of 24 years, to the target position after 144.95 on September 14. In case of possible sagging below the 50.0 percent fan line, the 142.90 – 142.15 line can work as a power collection zone.
