USDJPY continues falling on Tuesday; the Yen is clearly intending to update its local lows.
The Japanese Yen continues strengthening against the USD. The current quote for the instrument is 108.42.
The US treasury yield is still rather low and that’s a pressure factor for the “greenback”, which makes t fall against the Yen and many other currencies. It seems like the previous rally of the American currency is in the past and market players are quickly coming back to reality.
The statistics published by Japan earlier showed that the Industrial Production in the country lost 1.3% m/m in February against the expected decline of 2.1% m/m. The industries that mainly contributed to the decline were motor vehicles (-5.8%), electrical machinery, and information and communication electronics equipment (-2.0%), transport equipment (-3.3%), petroleum and coal products (-4.8%), food and tobacco (-2.5%), and pulp, paper, and paper products (-2.5%).
On YoY, the indicator lost 2.0% against the expected reading of -2.6%
The Tertiary Industry Index added 0.3% m/m in January after losing 1.0% m/m in December and against the expected reading of +0.6% m/m, which means that some businesses started reviving as in winter due to the first weeks of the anti-coronavirus vaccination campaign.
The next important March reports from Japan will be released on Friday, such as the Manufacturing PMI, which is expected to improve, and the National Core CPI.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.