JPY Daily News

Yen Continues to Decline Following G7 Intervention

In overnight trading the yen continued to fall back as the USD/JPY is currently trading near its post intervention high. This week traders will be expecting key data from Japan. In particular, the market will be focused on the Tankan report which is set to be released Thursday. The previous report for Q4 2010 showed Japanese manufactures had lost confidence since the financial crisis ended as the yen strengthened and the government stimulus measures ended.

Traders will need to take the Q1 2011 report with a grain of salt as the survey was taken prior to the earthquake and tsunami which has since caused nuclear reactor problems and a spike in radiation levels.

Currently the USD/JPY is trading near its post intervention high close to 82.00. On Friday, the Japanese Ministry of Finance said it would not hesitate to intervene in the markets should excessive volatility once again be evident in the financial markets.

Initial resistance for the USD/JPY is found at the post intervention high near 82.00. A move above this level and the pair would likely be sold once again near the 200-day moving average line just below 83.00. To the downside, support is found at 80.60 and the all-time low of 76.41.

Current Time: 05/27 00:29 GMT

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#	Time	$€£¥	Event	Per.	Prev.	Fore.	Act.	Imp.
03/28
	00:30	JPY	Household Spending	y/y	-1.0%	0.1%	-
	00:30	JPY	Unemployment Rate		4.9%	4.9%	-
	00:50	JPY	Retail Sales	y/y	0.1%	-0.4%	-