Yen - Yen hits the 130 points strongly
The yen hits the 130 points strongly
The Japanese government lowered its assessment of industrial production in March for the first time in three months, pointing to weaker demand from the global semiconductor industry. However, in the monthly economic report, the government's overall assessment of the economy was unchanged. The report by the Cabinet Office said industrial production had weakened recently as the global semiconductor industry faced a deteriorating market and bought less manufacturing equipment as a result.
The dollar was lower against the yen after the Federal Reserve raised interest rates by another 25 basis points on Wednesday and signaled it expects another 25 basis points in interest rates this year, although stress in the banking sector clouded the outlook. In terms of technical trends, the RSI and the stochastic index have fallen, and the 10-day moving average has broken below the 25-day moving average. Since 138 is a symbolic resistance, it has not been broken this month, and it is currently causing a large withdrawal Pressure, the current key is at the 130 points. If it can be clearly broken, it is expected that the dollar will have stronger downward pressure against the yen. The subsequent support is expected to be at the level of 128 or even 127. Further reference is the May 2022 low of 126.35. The resistance level looks back at 133 and the 25-day moving average at 134.60.
This week's news:
Japanese Government Monthly Bulletin: Downgrades views on industrial production, remains vigilant against market volatility
Reuters Tankan survey: Japan's March manufacturing sentiment index was negative 3, non-manufacturing sentiment index was positive 21
Reuters Tankan survey: Japan's June manufacturing climate judgment index is expected to be positive 10, and the non-manufacturing business climate judgment index is expected to be positive 16
Estimated volatility:
Resistance 133.00 – 134.60
Support 130.00* – 128.00 – 127.00 – 126.35
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