31.03.2014 - The yen resumed its decline
After a long consolidation, the price of USD/JPY resumed growth and has broken through the strong resistance level at 102.70. At the moment the price is consolidating below 103.00. Objectives in case of the future growth will be the levels of 103.50, 104.00 and 104.70. Tonight the focus of investors will be on Tankan PMI of the largest producers and non-manufacturing PMI (23:50 GMT). We expect further growth of quotations of pair due to the loose monetary policy of the Bank of Japan, decrease in geopolitical tensions and the completion of the financial year in Japan. We keep medium and long term positive outlook.