EURJPY. Publication of Japanese Industrial Production report (October 17, 04:30 GMT)

Low inflation is the key problem of Eurozone at the moment. On the latest meeting of European Central Bank representatives it was decided to keep both deposit facility rate and interest rate unchanged (-0.40% and 0.00% respectively).

Head of ECB Mario Draghi said that there will be no additional measures of economy of stimulation at the moment and the asset buyback program will remain on the same level.

On the other hand, representatives of Bank of Japan are also playing a risky game by decreasing the rates regularly and having all sorts of interventions. Rate increase or decrease does not mean the strength of the national currencies, that’s rather a weakness.

If the numbers of Industrial Production report are higher than expected it will have a positive impact on Japanese Yen.

EURJPY chart:

There is still a flat rate movement on EURJPY D1 chart despite the fact that there are minor upward or downward trend movement. According to the indicator of technical analysis “CCI” the rate got back into the neutral area and further flat rate movement is expected now.