forex AUD/JPY: Japan’s Machine Tool Orders Face Serious Decline

[Anzo Lim 0]

https://jump.wikifx.com/83348CF26389B46D

Japan’s machine tool orders, a leading indicator of the Japanese economy, is facing . According to data released by Japan Machinery Tool Builders’ Association (JMTBA) on November 12th , orders in October dropped to 87.4 billion yen, a 37.4% decrease year-on-year. The orders have been lower than the previous year for 13 consecutive months and fell below 100-billion-yen (commonly seen as a crucial mark between flourishing economy and recession) for three straight months.

 

October’s orders fell below 90 billion yen, the last time being six years ago. This is lower than the  reading of 88.4 billion yen in August. In more specific terms, domestic orders dropped by 42% to 33.4 billion yen, seeing negative growth for 11 consecutive months. Foreign orders decreased by 34.1% to 54 billion yen, declining for the 13^th month in a row.

 

In addition to the orders for electrical and precision machinery that have been declining since last fall due to global trade frictions, orders for auto vehicles and other machinery and equipment have also slowed down. Investors may follow the currency pair of AUD/JPY and seek the right trading opportunity.

 

AUD/JPY daily pivot points 74.58---74.72

 

S1: 74.37            R1: 74.79

 

S2: 74.23            R2: 75.07 

 

Edited November 13, 2019 by Anzo Lim

[GoodVictor 0]

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