Forecast for USD / JPY for November 8, 2018

USD / JPY

For the Japanese yen, the situation is quite favorable. Since the stock markets are growing strongly, there are no political upheavals in the world. However, Japan's own economic indicators fail. Yesterday, the index of leading economic indicators for September showed a decline from 104.5% to 103.9%. The average wages for the same month showed less than expected growth (1.1% y / y versus 1.2% y / y). And And Japan's current account balance in the September estimate dropped from 1.43 trillion yen to 1.33 trillion yen.

Also, the volume of domestic basic orders for machine-building products in September showed -18.3% against expectations of -9.5% and the volume of bank lending reduced the volume from 2.3% y / y to 2.2% y / y. The forecast assumed growth up to 2.4% g / g but the data does not seem to slow down the growth of the yen. We are waiting for the price at the price channel line at 114.90 with the overcoming of resistance before the price opens higher goals (116.70).

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The material has been provided by InstaForex Company - www.instaforex.com