The Japanese yen has been supported across the broad in the beginning of this week and it could break 95 level reaching 94.65 versus the greenback as the frustrating jobs figure of June in US could increase the carry trades unwinding momentum in the favor of the low yielding currencies such as the greenback and the Japanese yen which has an interest rate at just .1%. Nikkei 225 has followed the US stocks market as expected in the beginning of this week too losing further 135 to close at 9680 and it could not follow the US stocks rebound and the index is still trading in the red territory at 9659 negatively impacted by the strong yen which can hurt the Japanese exports at this time of sluggish global demand which effected negatively on the Japanese Tankan survey of the big manufacturing of the second quarter which came last week at -9.4% and it was expected to be 6.9% putting further pressure on the Japanese stocks which could not even get out of the negative impact of the disappointing release of June US consumers confidence survey.

Best wishes

FX Consultant
Walid Salah El Din
E-Mail: mail@fx-recommends.com
http://www.fx-recommends.com