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Chance for USD/GBP/AUD Upside as JPY Strength Limited

  • September 19, 2020
    Chance for USD/GBP/AUD Upside as JPY Strength Limited

    firms slashed spending on plant and equipment by the most in a decade
    in the second quarter, the government said on Tuesday. As a result, the
    strength of the Yen was limited while the USD/JPY staged a flat
    performance and consolidated around 105.70.To get more news about WikiFX, you can visit wikifx official website.

    is much more likely to see an end ahead of the news that Abe suddenly
    resigned his post, which put a premium on the Yen at once but later
    revealed to be unrealistic for markets. As the core of Abenomics, the
    Yens depreciation pushes domestic prices up and stimulate the production
    of companies.

      However, Japan's second-quarter Capex falls most
    in decade, as reported on Tuesday. In addition, the strength of JPY
    will be limited considering other challenges ahead of Japan such as
    shrinking workforces and the indefinite postponement of Olympic Games.

    terms of USD/JPY, the rate is expected to see a further growth once
    finding the stability above the level of 104.00 in view of the strong
    support ever achieved around the level.

      In terms of EUR/JPY,
    the rate is now stay in the ascending channel but may hit the resistance
    zone of 129.0-130.0 in future tradings if the support is continuously
    gained at the lower band of 125.0.

      The exchange rate of AUD/JPY
    shows a more complex picture. Its short-term uptrend is expected to
    suffer a setback as it is currently approaching the resistance level of
    78.60. While in the medium term, gains will be extended in future
    tradings if it stays constructive below the 76.60 level.

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