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Macroeconomic Statistics Provided Moderate Support to the Yen

2/9/2023 11:03 AM

USD/JPY shows mixed dynamics, consolidating near 131.40. The American currency tried to strengthen the day before, but the "bulls" did not receive support from the fundamental background. US President Joe Biden's annual State of the Union address did not cheer markets as it contained worrisome messages about the future of the national economy, despite the fact that the Head of the White House said that 12.0 million jobs were created in his two years in office, unemployment has fallen to a record level in fifty years, and inflation is actively declining against the background of the global crisis.

In turn, the yen received moderate support from macroeconomic publications from Japan. The Current Situation index from Eco Watchers in January corrected from 47.9 points to 48.5 points with a forecast of 48.1 points, and the Eco Watchers Outlook Survey adjusted from 47.0 points to 49.3 points, which also turned out to be better than analysts' expectations at 46.2 points. In January, Bank Lending increased by 3.1% after 2.7% in the previous month, while analysts expected a slowdown in dynamics to 2.6%. However, data on the trade account balance was weak, almost halving last year compared to 2021 to 11.44 trillion yen (87.0 billion dollars), the lowest in eight years. The negative dynamics is developing against the backdrop of a record high trade deficit of the country, according to a statement from the Ministry of Finance.

The focus of investors is macroeconomic statistics from the US on Initial Jobless Claims, which is used to determine the state of the national labor market. It is expected that their number for the week ended February 3 will show a moderate increase from 183.0 thousand to 190.0 thousand, which may have a negative impact on the national currency.

Bollinger Bands in D1 chart show moderate growth. The price range is changing slightly, but remains rather spacious for the current level of activity in the market. MACD indicator is growing, while preserving a rather stable buy signal (located above the signal line). Stochastic, on the contrary, maintains a fairly strong downward direction, signaling in favor of the development of corrective downward dynamics in the nearest time intervals.

Resistance levels: 132.00, 133.00, 133.61, 134.50. | Support levels: 131.00, 130.00, 129.00, 128.00.

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