Forex Trading: USD.JPY to retest the lows?

by Joe Oliver, Forex Trading-Pips

Forex Trading: USD.JPY is once again weakening following two days of (NR7 Inside Day) consolidation. A retest of the lows at 76.00 last made on 8/19/11  appears likely.

Japanese industrial production reported earlier today rose in July to 0.6% compared to that of June and although the number was positive, it was below market expectations of around 1.5%.

Japanese industry leaders are becoming increasingly concerned about  the strong Yen. Thus far Bank of Japan (BOJ) has refrained from further intervention as the new Noda Administration has not yet taken control of the government. Mr. Noda announced earlier today that he had spoken with US Treasury Secretary Timothy Geithner and exchanged comments, but no discussion regarding intervention.

Forex Trading, USD.JPY daily bars

Forex Trading, USD.JPY daily bars