05.11.2014 - USD/JPY continues to grow after reaching a seven-year high

The price of USD/JPY after yesterday's correction resumed growth and has overcome the level of the nearest local maximum near 114.00. In the near future quotes will reach the level of 115.00, and then will continue to rise to the level of 120.00. Correction is possible up to the level 113.00. The reason for the growth of quotations is the increase of the volume of purchases of government bonds to 80 trillion yen. In this regard, we keep positive medium-term outlook and recommend holding long positions with a stop below 110.00.

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