During the Asian session the currency pair USD/JPY fell to a new support level of JPY99.90, ending yesterday's technical pullback upwards. Today, the pressure on the Japanese currency will get momentum. The next support level is at local minimum JPY98.93. Japanese data were contradictory. Japan's trade surplus in July amounted to 514 billion, which is almost twice more what economist expected - 248 billion. Japan imports volume (y/y) decreased by -24.7%, while expectation was a decline of -20.6%.
The Australian dollar finished yesterday's correction and on Daily chart settled above the significant 0.7670 level. Prospects for further growth to 0.7820 are enhanced. We continue to receive data on Australia economy - the jobs numbers grew by 26.2 thousand in July, higher than the forecasts . The level of the Australian unemployment rate fell in July to 5.7%, from 5.8% in June.
New Zealand Dollar
The New Zealand dollar came close to strategic resistance level 0.7300-0.7320. In case of breakup, we can talk about the medium-term bullish trend formation at least up to 0.75-0.76. We consider it reasonable to wait for the development of current situation in the market and remain out of positions – due to high uncertainty. Longs possible only after the passage and consolidation above 0.7310-0.7315
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