08.05.2014 - Demand for the yen remains high

The price of USD/JPY after reaching the level of 102.00 and the upper limit of the local descending channel started to correct within the channel. The reason for the previous growth was the strengthening of the U.S. dollar on the background of statements by the head of the Fed on strong GDP growth of the world's largest economy in the second quarter. In case of further decrease, the price can reach the level of support at 101.40. In case of resumption of growth, a signal to buy will be the price fixing above 102.00. We keep medium-and long-term positive outlook for the pair with the objectives at 102.70 and 104.00.


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