The USD/JPY's run is fading quickly, backing away from our 2nd tier downtrend line while giving into the heavy downward pressures exerted on price. Present weakness in the USD/JPY comes after a head-turning 5.2% growth in industrial production, giving investors incentive to appreciate the Yen. Investors seem to be ignoring the decline in consumer prices and spending. We have seen improvement in machinery orders, exports, and now industrial production. Therefore, it seems the drivers of growth are recovering, meaning consumer behavior should improve soon as well.
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