On Friday, the USD dipped after the currency made solid losses the previous day. Yesterday the USD decreased against the EUR 0.18 % to 1.4075 and lost further 0.38 % in the Asia session. The USD tumbled 0.70 % against the GBP and more than 1.00 % against the AUD after a solid US corporate profit report and a drop in the number of US jobless benefits boosted hopes for a recovery in the economy. This development prompted investors to pick up risky assets and higher-yielding currencies. American and Japanese shares jumped because of better-thanexpected results from companies including Sony and Motorola. They closed at their highest level in near eight months and also commodity prices gained, putting pressure on the safe-haven USD and JPY.
Japan's Consumer prices declined 1.7 % from a year earlier, adding to signs that deflation may hinder a rebound from the nation's worst recession. Bank of Japan members said price declines will probably accelerate in the coming months. This comments signalizes the bank will maintain its policy of keeping interest-rates near zero. A separate report showed Japan's unemployment rate climbed to a six-year high of 5.4 % in June. However, the JPY was able to gain against the USD 0.28 % and 0.14 % against the GBP
NZD/JPY
In June, the NZD/JPY has been trading in horizontal trend channel. The currency pair left the formation in the July but was able to reenter the level again. According to the RSI analysis, the recent long trend is still intact. And also the DMI+1 is going to cross the DMI- 1, which might be an additional bullish signal. An early motion could be expected, because the BB narrows. Therefore, the increase of the NZD could continue in the near of the next strong resistance at 63.40.
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