Tuesday, September 9, 2014

EUR/JPY Daily Japanese yen

 EUR/JPY   Daily
13::30 GMT - Mon.'s run up topped in the pm. but that high has now beenexceeded as 137 is pressed- the EUR's now about half way back through last week's decline but a consolidation above 136.50 will keep the EUR bullish for later pm./ Wed.

The Japanese yen continues to shrink, as USD/JPY trades just above the 106 line in Tuesday’s European session. The last time the pair was at these levels was in October 2008. Japanese Tertiary Industry Activity continued to sputter, posting a flat reading of 0.0%. The BoJ minutes stated that policymakers were concerned with inflation levels. On Tuesday, we’ll get a look at Japanese Core Machinery Orders, an important manufacturing indicator. In the US, today’s highlight is JOLTS Jobs Openings. The employment indicator has improved over three consecutive releases, and the upward swing is expected to continue, with an estimate of 4.72M.
The BoJ minutes did not contain any surprises, coming on the heels of a policy meeting in which the BoJ unanimously decided to maintain its current monetary policy. Policy makers stated that inflation levels should be carefully assessed as to whether inflation will reach the 2% target in 2015. On an optimistic note, the minutes stated that economic growth and inflation were in line with forecasts.