05.03.2014 - The yen continued to decline

Strengthening of the U.S. dollar and maintenance of soft monetary policy in Japan has led to the resumption of price growth of USD/JPY. The price of the pair has broken through the upper limit of the local downward channel and has overcome the resistance located at 102.00. For further growth, the price needs to gain a foothold above this level. In case of continued growth, the price can reach 102.70, after which we expect the rollback of quotes. At the moment there is a high probability of a downward correction. We maintain a long-term positive outlook. Medium-term price direction will become clear after the release of data on the labor market in the United States on Thursday and Friday.

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