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Anzo Lim

The Yen Experiences the Longest Downslope Trend Since May, 2018

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

Japan’s retail sales in October saw the greatest decline in four-and-a-half years, while falling consumer spending due to increased consumption taxes flashed a warning signal for weakening domestic demand. The Japanese government has raised consumption tax from 8% to 10% since October 1st in hope of alleviating the country’s heavy debt from public spending. Japan faces the heaviest debt burden among industrialized countries, with a public debt more than twice its GDP. With slumping exports and production, raising consumption tax can dampen the momentum of economic growth. Demand for clothing and big ticket items such as automobiles and large home appliances has weakened, with sales in department stores falling significantly.This has been the greatest drop since March, 2015, when the sales was down 9.7%. Statistics from earlier this month showed that Japans economic growth in Q3 has been the slowest in the year, while Octobers exports saw the greatest decline in 3 years.

 

US dollar has risen 0.45% against the yen to 109.54. The trend has been strong for the 6th trading day in a row, overtaking the high point of 109.49 earlier this month and reaching a new height since May 31st. On the other hand, the yen has experienced the longest downslope trend since May, 2018.

 

USD/JPY daily pivot points 109.32---109.44

 

S1: 109.16          R1: 109.73

 

S2: 108.81          R2: 109.95

Edited by Anzo Lim
 

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