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USD/JPY Continues To Update The Long-Term Highs

ByMasterforex-V
Published 12/31/2013, 12:51 AM
Updated 07/09/2023, 06:31 AM

During the Asian session on Friday, amid mixed news from Japan, the yen buyers tried to correct the situation a bit against the dollar. This initially promoted the positive statistics.

Thus, the level of consumer prices increased in November by 1.2% compared to the same period in 2012, despite the fact that analysts expected increase in prices by 1.1% after rising 0.9% in the previous month. Inflation, as measured in Tokyo and at the same time the more urgent given the fact that the index has been published for the current month, as a harbinger of the national indicator next month, was 0.7%.

Also worth noting that, according to the Ministry of Commerce in Japan, retail sales rose in November to 4% compared to the same period last year, after a positive value at the level of 2.4% recorded in October.

Another event was the data on the growth of industrial production in November by 0.1%, while the consensus was at 0.4%, slightly spoiled the overall positive picture of the current state of the Japanese economy.

USD/JPY hit its highest level in the last five years.

Published evidence was nonetheless insufficient for long-term strengthening of the Japanese yen and USD/JPY is trading during the U.S. session has reached its highest level in the last five years (105.17), that at the end of the day resulted in a strengthening of the pair at 0.36%.

Analysts FOREX MMCIS group believe that the yen is likely in the near future will continue to lose ground against the U.S. dollar, as is under constant pressure from the Bank of Japan, which is aimed at doubling the monetary base within two years.
<span class=USD/JPY Daily Chart" title="USD/JPY Daily Chart" width="600" height="451">

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