Introduction to Forex: Being the main force driving the global economic market, currency is no doubt an essential element

for a country. However, in order for all the countries with different currencies to trade with one another, a system of exchange rate between their currencies is needed; this system is formally known as foreign exchange or currency exchange. The foreign exchange market (forex, FX, or currency market) is a worldwide decentralized over the counter financial market for the trading. FOREX is the world’s largest and most liquid trading market. Many consider FOREX as the best home business you can ever venture in. Even though regular people have had the opportunity to take part in trading foreign currencies for profit (in the same way banks and large corporations do) since 1998, it is just now becoming the cool, hip, new "thing" to talk about at parties, business events, and other social gatherings. As a successful trader said, Trading FOREX is like picking money up off the floor. Not trading FOREX is like leaving it there for someone else to pick up." Others in the industry have also said, Trading FOREX is like having an ATM machine on your own computer. Here's what you are actually trading when you participate in the Foreign Exchange (FOREX) market: Essentially, like the large banks who use the FX market to protect themselves from the fluctuating exchange rate of different currencies, as an investor, what a FX trader is doing is simultaneously exchanging one countries currency for another. So, in actuality, they're electronically trading a currency-pair and the price that is quoted to us is the exchange rate between the two currencies. In other words, simply the quoted price is how many of the one currency is worth 1 of the other currency. 1

Example: USD/JPY last trade 92.29 - One USD is worth $92.29 JPY. The first currency (in this example, the USD) is referred to as the base currency and the second (/JPY) as the counter or quote currency. The FOREX has a DAILY trading volume of around $3.2 trillion dollars - 30 times larger than the combined volume of all U.S. equity markets. This means that 1,498,574 skilled traders could each take 1 million dollars out of the FOREX market every day and the FOREX would still have more money left than the New York Stock exchange every day! The FOREX plays a vital role in the world economy and there will always be a tremendous need for the FOREX. International trade increases as technology and communication increases. As long as there is international trade, there will be a FOREX market. The FX market has to exist so a country like Japan can sell products in the United States and be able to receive Japanese Yen in exchange for US Dollar. Significance: The United States is a major player in the forex industry as the dollar is involved in 86 percent of the currency pairs traded. The Euro is next at 37 percent of the market, and the yen holds 16.5 percent. With trillions of dollars exchanging hands on a moment-by-moment basis, the value of currencies also changes as fast, allowing investors to buy and sell currency pairs through the 24-hour market for a profit. For example, in a given day, the British pound/U.S. dollar pair (GBP/USD) may see a change in value within a 24-hour day by 400 pips. If each pip represents $10 (a standard lot size for most forex trading platforms), theoretically, on just the trade of that pair, an investor could increase his financial portfolio by $4,000 in 24 hours. The potential for massive profit has created an incentive to participate in forex much as did the gold rush of the mid-1800s.

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aerospace. in which a northern Union of states defeated a secessionist Confederacy of 11 southern slave states.900. an economic downturn during which about a quarter of the labor force lost its jobs. their advantage has narrowed since the end of World War II. US business firms enjoy greater flexibility than their counterparts in Western Europe and Japan in decisions to expand capital plant. The economy is marked by steady growth. with a per capita GDP of $46. especially in computers and in medical. and the Great Depression of the 1930s. they face higher barriers to enter their rivals' home markets than foreign firms face entering US markets.Introduction of USA Background: Britain's American colonies broke with the mother country in 1776 and were recognized as the new nation of the United States of America following the Treaty of Paris in 1783. and the federal and state governments buy needed goods and services predominantly in the private marketplace. Buoyed by victories in World Wars I and II and the end of the Cold War in 1991. US firms are at or near the forefront in technological advances. The onrush of technology largely explains the gradual development of a "two-tier 3 . and military equipment. Economy: The US has the largest and most technologically powerful economy in the world. and to develop new products. the US remains the world's most powerful nation state. to lay off surplus workers. low unemployment and inflation. The two most traumatic experiences in the nation's history were the Civil War (186165). At the same time. 37 new states were added to the original 13 as the nation expanded across the North American continent and acquired a number of overseas possessions. During the 19th and 20th centuries. In this market-oriented economy. and rapid advances in technology. private individuals and business firms make most of the decisions.

cia. Soaring oil prices between 2005 and the first half of 2008 threatened inflation and unemployment. falling home prices. and the subsequent occupation of Iraq. To help stabilize financial markets. as higher gasoline prices ate into consumers' budgets.to create jobs and to help the economy recover. In March 2010.1 1 https://www. through private health insurance for the general population and Medicaid for the impoverished. Longterm problems include inadequate investment in economic infrastructure. but had a small impact on overall GDP growth for the year. investment bank failures. making this the deepest and longest downturn since the Great Depression. rapidly rising medical and pension costs of an aging population. The war in March-April 2003 between a US-led coalition and Iraq. The government used some of these funds to purchase equity in US banks and other industrial corporations. President OBAMA signed a health insurance reform bill into law that will extend coverage to an additional 32 million American citizens by 2016. sizable trade and budget deficits. fail to get comparable pay raises. In January 2009 the US Congress passed and President Barrack OBAMA signed a bill providing an additional $787 billion fiscal stimulus to be used over 10 years . required major shifts in national resources to the military. the US Congress established a $700 billion Troubled Asset Relief Program (TARP) in October 2008. Approximately two-thirds of these funds will have been injected into the economy by the end of 2010. The global economic downturn.gov/library/publications/the-world-factbook/geos/us. practically all the gains in household income have gone to the top 20% of households.two-thirds on additional spending and onethird on tax cuts . and stagnation of family income in the lower economic groups. and tight credit pushed the United States into a recession by mid-2008. more and more.labor market" in which those at the bottom lack the education and the professional/technical skills of those at the top and. Since 1975.html 4 . health insurance coverage. Imported oil accounts for about two-thirds of US consumption. GDP contracted till the third quarter of 2009. and other benefits. The merchandise trade deficit reached a record $840 billion in 2008 before shrinking to $450 billion in 2009. the sub-prime mortgage crisis. Hurricane Katrina caused extensive damage in the Gulf Coast region in August 2005.

the Tokugawa shogunate (a military-led. In 1931-32 Japan occupied Manchuria. Formosa (Taiwan). measured by official exchange rates. Japan is the second largest economy in the world behind the US. For more than two centuries this policy enabled Japan to enjoy a flowering of its indigenous culture.Introduction of JAPAN Background: In 1603. dynastic government) ushered in a long period of relative political stability and isolation from foreign influence. While the emperor retains his throne as a symbol of national unity.triggering America's entry into World War II . measured on a purchasing power parity basis. Following three decades of unprecedented growth. government-industry cooperation. In January 2009. After its defeat in World War II. During the late 19th and early 20th centuries. Japan became a regional power that was able to defeat the forces of both China and Russia. mastery of high technology. elected politicians hold actual decision-making power.and soon occupied much of East and Southeast Asia. Japan attacked US forces in 1941 . Today. Japan is the third-largest economy in the world after the US and China. 5 . Japan's economy experienced a major slowdown starting in the 1990s. and southern Sakhalin Island. however. Japan opened its ports after signing the Treaty of Kanagawa with the US in 1854 and began to intensively modernize and industrialize. Economy: In the years following World War II. and distributors. suppliers. a strong work ethic. after decades of civil warfare. Japan assumed a nonpermanent seat on the UN Security Council for the 2009-10 terms. Japan recovered to become an economic power and an ally of the US. It occupied Korea. and in 1937 it launched a full-scale invasion of China. but the country remains a major economic power. and a comparatively small defense allocation (1% of GDP) helped Japan develop a technologically advanced economy. Two notable characteristics of the post-war economy were the close interlocking structures of manufacturers.

and an aging and shrinking population are two major long-run problems. and the guarantee of lifetime employment for a substantial portion of the urban labor force.gov/library/publications/the-world-factbook/geos/ja. Usually self sufficient in rice. marking a major milestone in the process of structural reform.known as keiretsu. in December 2009.cia. however. The 10-year privatization of Japan Post. the Democratic Party of Japan-led government passed a law to freeze future sales of Japan Post shares. largely because of the after effects of inefficient investment and an asset price bubble in the late 1980s that required a protracted period of time for firms to reduce excess debt. estimated to have reached 192% of GDP in 2009. Japan's industrial sector is heavily dependent on imported raw materials and fuels. with crop yields among the highest in the world. Debate continues on the role of and effects of reform in restructuring the economy and funding to stimulate consumption in the face of a tight fiscal situation. but a sharp downturn in business investment and global demand for Japan's exports in late 2008 pushed Japan further into a recession. overall real economic growth had been spectacular . through its banking and insurance facilities. Growth slowed markedly in the 1990s. Japan maintains one of the world's largest fishing fleets and accounts for nearly 15% of the global catch. Japan imports about 60% of its food on a caloric basis. and a 4% average in the 1980s. halting the privatization process begun by Liberal Democratic Party governments. The Japanese financial sector was not heavily exposed to sub-prime mortgages or their derivative instruments and weathered the initial effect of the global credit crunch. For three decades. which has functioned not only as the national postal delivery system but also. began in October 2007.7%. In October 2007 Japan's longest post-war period of economic expansion ended after 69 months and Japan entered into recession in 2008. and labor. as Japan's largest financial institution. capital.2 2 https://www. averaging just 1. Japan's huge government debt. A tiny agricultural sector is highly subsidized and protected. with 2009 marking a return to near 0% interest rates.a 10% average in the 1960s.html 6 . Both features are now eroding under the dual pressures of global competition and domestic demographic change. a 5% average in the 1970s.

This had a large impact on the development of the Euro currency. which at that time the market was extremely primitive. Other currencies began to lose value. The modern online Forex history offered new options for the online trader. During 1973. 1994 saw the first online currency trading introduced to Forex history. floated its currency. and in the past few years more nations have joined this agreement. Free Floating exchange rates came into use when the Breton Woods agreement ended. 7 . such as the use of margin account to leverage investments. and there were no advance trading tools as today's fundamental analysis. This occurred after this international financial system was in operation for three decades in the Forex history. and introduced a new major contender to the control of the USD in the Forex history. and this led the European economies to also float their currencies.2 trillion dollars changing hands daily and so making it one of the most attractive and lucrative markets. the UK. Even though currency trading has been around since the times of ancient Egypt. and this is all thanks to the contribution of the internet to the Forex history. Forex is the largest marketplace in the world with more than 3.INDUSTRY SNAPSHOT AND INDUSTRY PROJECTION Forex Trading History The modern online Forex history begins in 1973. facing financial problems. By 2002 the Euro became the official currency for 12 European nations.

For the new comers. However. Any currency can become very expensive or very cheap in relation to any or all other currencies in 8 . it is best advise that beginners to learn about the risks involve in Forex trading.no single event. Currency markets are highly speculative and volatile in nature. Forex is the world largest trading market.OPERATING ENVIRONMENT Foreign currency exchange. you depends solely on the dealer to make a transaction in your trades. As the majority who trade FOREX are speculators. we are seeing increasing numbers of Forex investment opportunities as well as Forex traders in all over the world. The Forex market behaves differently from other markets! The speed. or factor rules it. Nowadays. As loses in Forex can be huge. All you need is a computer with Internet connection and a funded Forex account with foreign currency exchange broker. had become one of the best home businesses you can venture in nowadays.2 trillion daily turnover. Often we heard that getting started in Forex trading is easy and instant. or so called FOREX or FX. There is no common market place for Forex traders and there is no so-call 'standard' in foreign currency exchange price. As an individual FX trader. By trading foreign currencies thru Internet. anytime. individual. Different Forex dealers offer very different deals to their customers. volatility. yielding an average of $3. FOREX is also well known as the most liquid trading available. and enormous size of the Forex market are unlike anything else in the financial world. The Forex market is uncontrollable . theoretically now one can make money at anywhere. thus picking up the right dealer is extremely crucial in your risk. the hard part is who to open the Forex account with (meaning who should we appoint as our Forex dealer)? Forex market is a non-centralized market.

hours. Similarly. in minutes. if you are long (bought) the currency pair. or sometimes. If you are short (sold) a currency pair.a matter of days. Exit the Forex market at profit targets Take profit take orders. allow Forex traders to exit the Forex market at pre-determined profit targets. Take profit orders help create a disciplined trading methodology and make it possible for trader to walk away from the computer without continuously monitoring the market. Features: • • • • • • • • • • • • • • Daily Trading Volume is Roundabout $3.2 trillion Bigger Market of the World Risk Manageability Information Flow 24 hours Market Liquidity Better Execution Quality and Speed Commission Free Trading The ability to Choose your Trading Hours Being able to Find Profitable Trades in Both Rising and Falling Markets High Leverage Fixed Spread 100% Autopilot Easily Achieve the Bottom Line Real Live Trading 9 . the system will only allow you to place a limit order below the current market price because this is the profit zone. This unpredictable nature of the currencies is what attracts an investor to trade and invest in the currency market. the system will only allow you to place a take profit order above the current market price.

Many new traders choose to pay little attention to all the risk warnings and continue. With a 1 mini lot GBP/USD position each pip is worth $1. Let’s look at why this is. in these 90 pips.Risk Factors One of the first things most traders hear when they begin their Forex journey is the fact that Forex trading is risky. This would leave $90 for trading. you need to know how best to minimize them. When trading Forex it’s important to realize that no matter how sure you are the market will move in the way you expect. I was personally the same at the beginning because I so eager to get started! It is very important to fully understand the Forex risk factors as to be a successful Forex trader. the 10 . $100 with a mini account will almost always have just one single outcome. Also. at any moment in time. anything can happen. This would mean that only a 90 pip movement in the wrong direction would mean result in a margin call. one of the single biggest risks in Forex trading for new traders is the overuse of leverage. So there we have it. GBP/USD often moves more than 90 pips in a single day. the spread would need to be included. Perhaps the single biggest risk factor in Forex trading is the use of too much leverage! I have spoken to many traders who start trading with as little as $100 on a mini Forex account. I always encourage these traders not to do it and to learn more about proper risk management. Let’s now look at some of the other risks in Forex trading. a margin call. If you have 100:1 leverage from your broker to open a GBP/USD position for 1 mini lot is going to cost $10 in margin. A good example of this was when the US Government made it common knowledge that they were going to bail out Fannie Mai and Freddie Mac.

ca/index.dollar appreciated considerably. you can lower your risk. More than 95% of traders lose money. .forexoffice. If you can prepare your strategy to take into consideration unforeseen events.php?option=com_content&view=article&id=295:riskfactor-&catid=54:r&Itemid=41 11 . you must also understand that money management. In conclusion. There are no implicit guarantees of accuracy. If you had an intra short on the dollar. 3 4 http://fxacademy. .3 People are most concern about risk and Forex trading can be extremely risky. and trading on the Forex market is not for everybody. or hold on the Forex market. and position management is the key aspects of your trading. Finally.net/forex-risk-factors/ http://www. your proven trading strategies. To be a successful trader. sell. they are there and they are considerable. All factors are subject to the terms and conditions on the market.4 Risk Control: In order to belong to the top 2% of Forex traders. you must know how to properly place stops. All trading results may vary.money that a person can afford to lose. One option is to use stop losses to make sure you are always prepared for unforeseen events that could potentially move the market in a big way. you would not have been best pleased.not excluding. you must know how to define your risk before you enter a trade. Another important thing we can do is to practice our strategies and systems thoroughly on a demo account before trading them on a live account. The material contained herein is for informational purposes only and is not to be constructed as an offer to buy. how to use margins set by your dealer. You should only use risk capital. it important to fully understand and do everything possible to keep risk to a minimum at all times. no matter how you look at the Forex risk factors.What about patterns? You need to understand how patterns are formed. and how to take advantage of leverages set by you and your dealer on your trading platform. This example simply illustrates that many major factors that move the market can be completed unexpected.

or.jp 12 .boj.Corporate Information Emperor and Empress of Japan Akihito and Empress Michiko Since 10 July 2009 Prime Minister of Japan Yukio Hatoyama since 16 September. Japan Established 1882 Governor Masaaki Shirakawa Central Bank of Japan Currency Japanese yen ISO 4217 Code JPY Base borrowing rate 0. 2009 Residence: Sori Kotei Appointer: The Diet and the Emperor Finance Minister of Japan Naoto Kan Since 10 January. 2010 Central Bank of Japan Headquarters Chuo. Tokyo.105% Website www.

family courts. and half of the House of Councilors is elected every three years.Government of Japan The current Japanese constitution was promulgated in the year 1946 during the occupation by the Allied powers: Legislature: The Japanese parliament is called the Diet. Judiciary: The highest court is the Supreme Court. It consists of the House of Representatives (480 members) and the House of Councilors (242 members). and summary courts. Judges are appointed by the cabinet. The cabinet further consists of the ministers which are appointed by the prime minister and are usually members of the Diet. Women received the right to vote in the new constitution. high courts. Beside the national elections there are prefecture and municipal elections. Executive: The cabinet is headed by the Prime Minister. Other courts are district courts. The prime minister is elected by the Diet. Elections: The minimum voting age is 20 years. 13 . Elections for the House of Representatives are carried out every four years. The members of the Diet are elected by the Japanese people. The Emperor does not have any effective power but is only the symbol of the state.

14 . Miyazima As for Miyajima. Amanohasidate Amanohashidate looked at from groin is called the hiryuukan from seeming fly away by the dragon. and to have called the garden "Renthi garden".Peripheral scenery is taken. KenrokuenKenrokuen garden was a garden in which it had belonged to Canazawa castle in Kanazawa city. KairakuenTokugawa Saisyou completed Kairakuen in Mito city. Louts and Japanese iris are beautiful in summer.Famous Places of Japan Mathushima: The view from Godaido The zuiganji temple is beautiful. it is believed the island itself is very sacred from ancient times. Gorakuen Plum and cherry trees are beautiful in spring. The Kourakuen has many highlights every season. Also the scene from the Ootaka summit of the mountain in woods is woundaful.It is said that it is a start of Kenrokuen garden for Maeda thunanori to build the Renthiothin in 1676. and air and the light and shade at the four seasons are abundant.

Fundamental Analysis Fundamental analysis is a currency trading strategy wherein currencies are bought and sold according to various financial and non-financial factors. FOMC (Federal Open Market Committee) Meeting Minutes: It's a detailed record of the FOMC's most recent meeting. providing in-depth insights into the economic conditions that influenced their vote on where to set interest rates. these factors include :  Economic indicators of the currency  Government Monetary policy  Employment indicators. and their purchasing managers hold perhaps the most current and relevant insight into the company's view of the economy.businesses react quickly to market conditions. CB Consumer Confidence: Financial confidence is a leading indicator of consumer spending. Among others. which accounts for a majority of overall economic activity. Non-Farm Employment Change: 15 . especially unemployment  Consumer spending indicators  Interest rates  Inflation  Social and political forces  Economic growth rates ISM Non-Manufacturing PMI: It's a leading indicator of economic health .

Consumer prices account for a majority of overall inflation. excluding the farming industry. Although it's generally viewed as a lagging indicator. Unemployment Rate: It is percentage of the total work force that is unemployed and actively seeking employment during the previous month. the overall economic outlook. and clues regarding future monetary policy. It's the broadest measure of economic activity and the primary gauge of the economy's health BOJ Press Conference: It's among the primary methods the BOJ uses to communicate with investors regarding monetary policy. which accounts for a majority of overall economic activity. inflation. Core CPI m/m: It is the change in the price of goods and services purchased by consumers. it is an important leading indicator of consumer spending. the number of unemployed people is an important signal of overall economic health because consumer spending is highly correlated with labor-market conditions Prelim GDP q/q: It is the change in the inflation-adjusted value of all goods and services produced by the economy.Change in the number of employed people during the previous month. It covers the factors that affected the most recent interest rate decision. 16 . Inflation is important to currency valuation because rising prices lead the central bank to raise interest rates out of respect for their inflation containment mandate.

Almost every trader uses some form of technical analysis. Prices move in trends and trends persist. The three key principles of technical analysis are: 1. It is utilized to evaluate price predictability and is based on the notion that prices do not move randomly but instead move in repeating and identifiable patterns. these charts help traders determine ideal entry and exit points for a trade. 3. 17 . There are literally hundreds of technical analysis indicators utilized by traders and analysts to evaluate trading activity. It is the art of charting financial instruments and overlaying mathematical indicators to derive trading ideas.Technical Analysis Technical analysis is a method of forecasting price movements by looking at purely market-generated data. Technical analysis is the best method to predict short term foreign currency changes and has the ability to generate specific information and forecasts about currencies that no other method could. the traders that learn the basics in technical analysis find it easier to invest later and pick it up in a short time. 2. All market information is discounted and reflected in market prices. Even the most reverent follower of market fundamentals is likely to glance at price charts before executing a trade. Market action is repetitive. even if they learn trading foreign currencies by themselves. Even though a lot of beginning traders avoid using technical analysis because of its use of mathematics. At their most basic level.

63 120.35 119.625 132.04 133.19 122.12 102.13 118.66 121.145 105.67 121.46 109.6 116.15 127.775 133.535 108.265 121.3 126.25 130.26 119.15 110.23 120.14 118.4 131.085 119.69 116.63 116.18 125.79 119.3 116.155 122 119.73 105.36 115.32 127.1 120.66 121.4 117.5 131.85 121.75 High 107.415 113.13 107.55 106.11 119.015 119.92 119.03 110.6 115.05 109.4 106.67 122.3 108.09 112.6 116.705 118.45 Range H/L 614 470 831 627 401 518 455 385 370 213 482 496 630 359 920 591 551 668 334 674 626 395 480 875 475 319 753 619 626 756 525 505 738 398 405 746 329 492 557 355 455 305 403 453 757 370 397 328 285 Range H/C 428 18 599 181 138 394 38 168 140 247 474 516 155 885 70 33 582 126 9 327 387 223 850 359 27 21 119 61 166 128 156 556 388 51 310 195 183 379 315 73 88 88 8 83 18 149 49 95 Range C/L 42 813 28 220 380 61 347 202 73 235 22 114 204 35 521 518 86 208 665 299 8 257 25 116 292 732 500 565 590 397 349 182 10 354 436 134 309 178 40 382 217 315 445 674 352 248 279 190 Magnet Point 104.85 126.65 123.45 115.87 121.54 123.94 118.79 118.67 122.13 109.375 122.765 125.3 Low 101.37 106.55 132 135.Monthly Analysis Month Jan-00 Feb-00 Mar-00 Apr-00 May-00 Jun-00 Jul-00 Aug-00 Sep-00 Oct-00 Nov-00 Dec-00 Jan-01 Feb-01 Mar-01 Apr-01 May-01 Jun-01 Jul-01 Aug-01 Sep-01 Oct-01 Nov-01 Dec-01 Jan-02 Feb-02 Mar-02 Apr-02 May-02 Jun-02 Jul-02 Aug-02 Sep-02 Oct-02 Nov-02 Dec-02 Jan-03 Feb-03 Mar-03 Apr-03 May-03 Jun-03 Jul-03 Aug-03 Sep-03 Oct-03 Nov-03 Dec-03 Jan-04 Close 107.95 118.895 121.49 109.77 133.87 111.98 126.25 105.9 104.71 118.38 121.76 107.3 117.445 130.47 119.92 105.86 129.35 124.135 108.93 121.35 105.86 116.4 119.99 102 106.85 133.58 111.75 123.53 111.37 116.8 119.05 101.7 111.27 110.28 108.75 108.52 107.64 132.23 125.77 122.61 108.875 18 .085 130.1 118.615 118.15 135.65 120.045 106.52 110.73 109.3 122.56 111.79 125.45 126.75 110.69 119.05 125.67 119.04 103.825 106.42 107.96 122.525 107.7 123.88 107.1 117.16 124.08 118 118.56 134.01 108.78 108.09 125.5 115.06 123.72 105.24 107.68 110.7 116.03 109.78 121.375 117.15 119.825 120.915 109.4 110.68 117.465 109.32 123.27 117.155 121.85 124.48 124.125 118.4 106.86 109.02 124.32 119.63 118.55 114.48 122.5 116.15 123.64 124.92 120.15 113.47 110.51 118.83 118.51 107.67 128.73 120.375 118.8 109.35 124.18 116.75 121.37 106.36 117.37 114.71 119.95 126.75 120.82 118.1 109.85 117.

25 117 116.9 108.3 106.77 99.87 109.52 113.4 119.45 113.66 108.4 110.25 107.47 108.88 117.54 117.87 119.9 108.67 103.8 102.6 113.2 110.505 110.11 108.68 115.05 108.78 108.28 111.74 106.6 113.5 103.58 104.83 120.83 101.86 107.8 117.38 108.71 118.535 106.86 112.01 114.4 119.1 108.23 101.99 124.4 114.57 114.58 108.94 105.6 102.46 103.63 117.35 103.9 111.48 118.1 116.87 121.34 108.72 113.6 119.47 117.67 123.16 117.71 117.6 111.2 105.31 111.23 122.95 102.015 118.22 99.07 111.36 119.84 116.46 112.78 112.47 106.77 113.6 112.455 120.91 111.54 115.45 107.5 110.53 121.75 113.2 118.29 119.575 112.24 111.23 109.17 116.18 111.19 104.4 109.82 99.425 110.92 114.17 103.8 110.515 107.95 119.43 117.45 119.1 118.22 114.07 120.2 122.2 106.72 114.7 108.33 107.73 103.015 103.66 112.73 112.675 106.31 115.24 106.97 115.5 115.4 117.41 115.765 104.04 119.39 118.015 115.62 116.615 109.93 118.09 119.05 107.92 115.91 102.89 111.02 110.46 114.325 116.32 113.62 115.48 117.735 118.82 112.9 114.95 117.43 105.65 104.745 111.51 109.6 114.1 118.73 117.665 115.635 120.Feb-04 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Jan-05 Feb-05 Mar-05 Apr-05 May-05 Jun-05 Jul-05 Aug-05 Sep-05 Oct-05 Nov-05 Dec-05 Jan-06 Feb-06 Mar-06 Apr-06 May-06 Jun-06 Jul-06 Aug-06 Sep-06 Oct-06 Nov-06 Dec-06 Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 109.885 107.45 113.98 117.57 116.68 117.19 104.96 114.97 105.56 104.81 117.495 115.725 116.04 115.59 105.37 110.97 111.95 115.71 111.53 122.74 119.69 116.77 106.05 109.85 108.36 109.98 102.36 111.97 103.02 116.19 106.77 118.01 105.74 115.67 119.105 105.61 104.245 104.625 104.02 111.98 113.83 95.48 103.89 105.07 120.96 112.56 110.88 118.19 104.26 115.87 469 885 754 657 491 488 329 274 565 507 437 352 351 405 432 436 447 386 372 494 343 368 595 454 372 375 524 520 539 443 351 272 326 320 480 422 460 371 247 292 337 565 824 388 470 869 510 713 478 842 529 332 472 411 312 664 450 256 357 71 251 144 139 325 269 322 320 171 371 248 291 37 309 283 358 166 0 209 347 118 39 411 342 285 90 178 168 349 313 139 47 209 246 247 63 80 52 321 56 348 33 213 37 516 196 312 58 573 90 207 235 131 258 23 421 368 112 83 29 85 261 65 199 95 335 185 60 10 429 454 163 28 406 481 128 101 66 182 148 152 131 109 321 324 38 46 90 502 744 336 149 813 162 680 265 805 13 136 160 107.14 123.845 115.94 121.78 119.5 107.58 103.23 19 .4 108.64 104.

36 90.99 89.14 92.65 91.94 93.615 98.54 88.15 87.16 89.77 90 86.08 98.35 94.8 98.5 90.075 108.8 89.45 92.8 94.28 103.43 98.345 98.74 92.55 95.87 94.28 96.78 93.15 461 338 569 1560 688 865 754 1011 613 581 593 445 524 524 519 431 649 698 461 356 480 233 277 50 11 184 12 385 886 189 436 117 361 63 300 46 255 132 671 68 187 404 228 61 519 1549 504 853 369 125 424 145 476 84 461 224 473 176 517 27 393 169 76 106.11 91.Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 107.43 93.85 97.83 86.88 93.77 107.075 89.66 109.475 90.95 103.11 88.6 93.08 90.165 88.32 91.01 84.14 93.79 97.69 106.36 95.54 100.32 93.71 95.44 99.665 94.68 90.98 97.38 110.16 90.68 101.855 90.26 88.44 91.74 97.55 Pips Movement Range H/L Minimum 213 Maximum 1560 Range H/C Minimum 0 Maximum 886 Range C/L Minimum 8 Maximum 1549 Average 515.71 99.67 87.58 88.78 92.455 90.63 95.655 96.89 108.46 108.97 106.2033 H ig h -L o w R a n g e M o n th ly 1800 1600 1400 1200 1000 800 600 400 200 0 Ja nMa 0 0 y-0 Se 0 p-0 Ja 0 nMa 01 y-0 Se 1 p-0 Ja 1 nMa 02 y-0 Se 2 p-0 Ja 2 nMa 03 y-0 Se 3 p-0 Ja 3 nMa 04 y-0 Se 4 p-0 Ja 4 nMa 0 5 y-0 Se 5 p-0 Ja 5 nMa 06 y-0 Se 6 p-0 Ja 6 nMa 0 7 y-0 Se 7 p-0 Ja 7 nMa 08 ySe 08 p-0 Ja 8 nMa 09 ySe 09 p-0 Ja 9 n-1 0 P e r io d 20 .91 92.89 96.63 93.55 95.76 92.15 88.535 96.27 88.835 96.19 106.65 98.

83 101.46 118.97 113.925 125.14 93.47 107.1 108.125 115.27 116.77 99.76 106.98 113.11 119.7 130.47 119.85 126.6 107.59 110.8 115.46 103.15 124.085 118.79 119.05 132 135.13 114.5 107.985 90.4 111.73 121.64 104.23 95.11 126.72 114.655 93.68 120.1 119.28 110.11 93.095 107.88 122.74 111.04 114.24 117.5 87.155 107.78 93.405 109.23 125.845 93.395 97.43 90.01 102.935 104.48 131.05 109.29 119.02 106.635 112.9 112.56 132.2 108.73 121.68 101.16 117.59 103.87 88.3 115.025 107.46 111.Quarterly Analysis Period Jan-Mar 00 Apr-Jun 00 Jul-Sep 00 Oct-Dec 00 Jan-Mar 01 Apr-Jun 01 Jul-Sep 01 Oct-Dec 01 Jan-Mar 02 Apr-Jun 02 Jul-Sep 02 Oct-Dec 02 Jan-Mar 03 Apr-Jun 03 Jul-Sep 03 Oct-Dec 03 Jan-Mar 04 Apr-Jun 04 Jul-Sep 04 Oct-Dec 04 Jan-Mar 05 Apr-Jun 05 Jul-Sep 05 Oct-Dec 05 Jan-Mar 06 Apr-Jun 06 Jul-Sep 06 Oct-Dec 06 Jan-Mar 07 Apr-Jun 07 Jul-Sep 07 Oct-Dec 07 Jan-Mar 08 Apr-Jun 08 Jul-Sep 08 Oct-Dec 08 Jan-Mar 09 Apr-Jun 09 Jul-Sep 09 Oct-Dec 09 Jan-Mar 10 Close 102.3 126.89 110.37 108.585 106.3 115.55 118.4 118.6 103.08 96.685 107.67 117.15 120.86 124.75 111.13 106.28 105.7 110.87 121.02 88.77 93.66 106.77 118.8 97.4 126.08 96.14 123.8 119.155 118.59 111.15 133.4 107.67 119.62 117.76 Low 101.68 111.19 110.865 122 119.895 119.95 117.43 115.82 113.73 106.58 101.77 99.955 21 .77 117.885 109.15 87.08 93.26 84.15 Range H/L 1033 805 504 843 1275 855 1025 1260 883 1550 873 746 557 605 1055 485 885 1143 488 962 603 678 498 845 599 993 484 545 704 674 1207 1072 1633 899 716 1939 1257 757 952 831 561 Range H/C 777 394 698 1161 70 126 1252 359 119 476 396 316 315 93 18 496 1053 357 144 520 379 291 785 145 118 383 178 313 636 63 321 33 886 461 11 888 436 143 337 68 Range C/L 28 110 145 114 785 899 8 524 1431 397 350 241 290 962 467 389 90 131 818 83 299 207 60 454 875 101 367 391 38 1144 751 1600 13 255 1928 369 321 809 494 493 Magnet Point 106.54 99.735 126.45 107.245 116.05 106.935 115.69 126.1 110.73 103.35 89.5 118.925 122.31 114.58 112.78 123.07 117.86 108.71 118 119.47 121.9 118.36 115.41 108.185 110.87 117.405 113.44 97.75 110.42 102 104.575 120.48 High 111.83 88.67 104.35 104.75 113.68 113.95 112.2 124.32 118.45 114.02 113.

L o w R a n g e Q u a r te r ly P e rio d s Jan -M ar 0 Jul 0 -Se p Jan 00 -Ma r Jul 0 1 -Se p Jan 01 -Ma r0 Jul 2 -Se p Jan 02 -M ar 0 Jul 3 -Se p Jan 03 -Ma r Jul 0 4 -Se p Jan 04 -Ma r0 Jul 5 -Se p Jan 05 -M ar 0 Jul 6 -Se p Jan 06 -Ma r Jul 0 7 -Se p Jan 07 -M ar 0 Jul 8 -Se p Jan 08 -Ma r0 Jul 9 -Se p Jan 09 -Ma r1 0 22 .8537 H ig h .Pips Difference 1000 1500 2000 500 0 Range H/L Minimum 484 Maximum 1939 Range H/C Minimum 11 Maximum 1252 Range C/L Minimum 8 25 Maximum 0 0 1928 Average 884.

1 110.83 101.D e c n .55 115.D e c a n .18 107.46 119.79 131.905 94.71 119.935 120.75 115.Semiannually Analysis Period Jan-Jun 00 Jul -Dec 00 Jan-Jun 01 Jul -Dec 01 Jan-Jun 02 Jul -Dec 02 Jan-Jun 03 Jul -Dec 03 Jan-Jun 04 Jul -Dec 04 Jan-Jun 05 Jul -Dec 05 Jan-Jun 06 Jul -Dec 06 Jan-Jun 07 Jul -Dec 07 Jan-Jun 08 Jul -Dec 08 Jan-Jun 09 Jul -Dec 09 Close 105.D e c a n .11 114.97 113.Ju n l .47 118.89 102.5 115.75 107.73 121.77 87.D e c a n .07 123.23 95.14 123.8 96.De c n .44 97.85 132 135.35 108.D e c J Ja Ju Ja Ju J J Ja J J J Ja Ju J J J Ju J J 00 00 01 01 02 02 03 03 04 04 05 05 06 06 07 07 08 08 09 09 P e ri o d 23 .78 2500 2351 Low 101.J u n u l .69 124.66 101.65 115.45 103.83 Range H/L 1033 1035 1330 1620 1679 1023 677 1395 1144 1063 931 1272 1043 643 898 1644 1633 2351 1433 1295 Range H/C 925 1216 721 359 626 316 93 755 357 848 1065 145 542 507 63 33 461 1064 143 Range C/L 110 114 899 1320 397 361 1302 389 706 83 207 898 101 391 1581 1600 1890 369 1152 Magnet Point 106.95 114.J u n l .665 119.86 114.46 110.275 91.88 124.5 110.75 108.935 98.D e c n .76 113.1 106.16 107.1 H ig h -L o w R a n g e S e m ia n n u a lly 2000 1679 1500 Pips Difference 13 3 0 1035 1033 1620 1 3 95 12 7 2 1144 1000 1023 10 6 3 931 677 500 643 1043 898 1644 1 63 3 14 3 3 1295 0 J a n .42 104.15 125.08 High 111.77 106.8 118.11 84.755 120.J u n u l .56 119.36 115.35 93.705 109.4 119.46 101.Ju n l .15 87.D e c a n .D e c n .185 116.615 118.11 126.Ju n u l .Ju n u l .67 112.305 Range H/L Minimum 643 Maximum 2351 Range H/C Minimum 33 Maximum 1216 Range C/L Minimum 83 Maximum 1890 Average 1257.J u n u l .04 111.9 126.585 109.Ju n l .05 90.J u n u l .73 103.87 120.67 108.325 115.68 114.2 123.47 119.82 117.485 113.9 112.45 115.145 106.D e c a n .98 121.

35 102.95 119.D e c 0 9 0 P e rio d s 24 .56 118.D e c J0 a5 n .265 122.69 131.44 Low 101.88 124.685 99.9 121.23 87.D e c J0 a4 n .87 114.D e c J a0 n .15 84.625 93.67 108.8 H ig h .D e c J0 a2 n .57 114.97 107.77 90.365 111.325 114.83 101.425 115.11 132 135.5 106.47 119.8 93.D e c J0 a7n .14 112.D e c J0 a3 n .07 111.135 Range H/L Minimum 1091 Maximum 2495 Range H/C Minimum 33 Maximum 1897 Range C/L Minimum 83 Maximum 2462 Average 1691.1 101.15 121.71 107.D e c J0 a6 n .D e c J0 a1 n .775 125.Annually Analysis Period Jan-Dec 00 Jan-Dec 01 Jan-Dec 02 Jan-Dec 03 Jan-Dec 04 Jan-Dec 05 Jan-Dec 06 Jan-Dec 07 Jan-Dec 08 Jan-Dec 09 Close 114.D e c J0 a8 n .5 117.L o w R a n g e A n n u a lly 3000 2500 2495 2000 1845 1965 1980 1691 1661 Pips Difference 1500 1369 1514 1307 1091 1000 500 0 J a n .42 113.55 115.3 108.73 101.08 High 115.83 Range H/L 1369 1845 1965 1514 1307 1980 1091 1691 2495 1661 Range H/C 1731 359 316 755 1897 193 507 33 1064 Range C/L 114 1606 1198 552 83 898 1184 2462 597 Magnet Point 108.

68 will signal resumption of uptrend.Conclusion: For long term analysis. Range trading between 93.00 area. 25 . Another rise towards 96.68 would more likely be seen in next several days.75 (Jan 7 high).00 is still possible after consolidation and a break of 94. uptrend from 89.82 (Nov 27. suggesting lengthier consolidation of uptrend is underway. USDJPY is in bullish movement from 84. Initial support is now at 93. Further rally is still in favor and next target would be at 95.45 followed by 93. USD/JPY broke above 93. suggesting that the longer term uptrend from 84.00 could be seen in next several weeks.12.76 could be expected to continue. and key support is at 92. as long as this level holds.00-96.82. 2009 low) has resumed.25.00 and 94. further rise towards 100. USD/JPY broke below the rising price channel on 4-hour chart.

Due to this Japan always need to weaken their currency because of to get the maximum exchequer from the outside. now I further suggest to the Japan if they want to decrease there value and control on deflation they should float more money into the market as peoples purchasing power will increase. After that currencies value is decrease into the market. There fore Japan floating there 220tr Yen ($222bn) into the financial market with a minimum interest rate. and export will increase. and it is major exporter of the world. 26 . Currently Japan’s exports are decreased due to international financial turmoil and increase the value in the Japanese Yen. Overall in Japan business environment is excellent and the currency of Japan is strongest in the world.Recommendation Japan is the 2nd largest economy of the world after the USA.

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