FBS.com - Daily/Weekly Analysis / Market News

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"UBS: we face the crisis of capitalism"(2011-09-01)

 

 

 

 

 

 

 

 

 

George Magnus, economist at UBS regards the current crisis in the developed nations as the crisis in capitalism: companies seeking for greater profits and productivity are cutting jobs. As a result, income inequality in the US approached the highest level since the 1920s.

 

The specialist advises the policymakers to turn to Karl Marx for the possible solutions. In his view, it’s necessary to lower employer payroll taxes and to create fiscal incentives to encourage companies to hire people, to allow eligible households restructure mortgage debt and to ease capital adequacy requirements for well-capitalized and well-structured banks so that they could credit smaller companies.

 

Magnus proposes European creditors to extend the lower interest rates and longer payment terms proposed for Greece. According to the analyst, instead of QE programs central banks should target nominal GDP growth rate.

 

 

 

Comment here http://www.fbs.com/analytics/news_markets/view/8532

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<div>"ING: SNB rate outlook"(2011-09-01)</div>

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<div>The specialists note that strong Swiss franc has seriously affected the national economy: according to the data released today Switzerland’s economic growth slowed down from 0.6% in the first 3 months of the year to 0.4% in the second quarter. In their view, the same pressure will be seen on the figures for the third quarter. </div>

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<div>The effect of SNB's recent rate and liquidity injections will be seen in the final quarter of the year. Never the less, ING believes that the central bank won’t be able to ensure 2% growth rate in 2011.</div>

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<div> Chart. Daily EUR/CHF

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<div>Comment here http://www.fbs.com/analytics/news_markets/view/8534</div>

 

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"Barclays Capital sees potential for pound’s advance"(2011-09-01)

 

 

 

 

 

 

 

 

 

Analysts at Barclays Capital believe that if Switzerland and Japan manage to stop appreciation of their national currencies, British pound may strengthen.

 

The specialists say that there are several reasons for that. Firstly, exports don’t account for a big part of UK GDP, secondly, sterling’s advance doesn’t tend to affect stock markets and, finally, pound may be undervalued. In addition, the investors won’t expect UK government to stem pound’s growth.

 

Barclays underlines that the pair GBP/CHF showed better results than EUR/CHF when the SNB Vice President Tomas Jordan said on August 11about the possibility of pegging franc to euro. Pound also performed well when Japan intervened on August 4.

 

The strategists say that the only potential negative effect on pound may come from Britain’s economic weakness.

 

 

Chart. Daily GBP/USD

 

 

 

Comment here http://www.fbs.com/analytics/news_markets/view/8536

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"RBC: comments on USD/CAD"(2011-09-02)

 

 

 

 

 

 

 

 

 

Analysts at Royal Bank of Canada say that if Canadian dollar rises too steeply and gets too high versus its US counterpart, it will start affecting the nation’s economy. The negative economic impact, in its turn, will pull loonie lower, so the self-correction will happen.

 

The specialists don’t rule of the possibility of USD/CAD slipping to 2007 minimum, but they think that the pair won’t stay low for long.

 

This year Canadian currency had a series of ups and downs. Although in the second quarter Canadian economy contracted by 0.4% on the annual basis, the majority of economists expect this decline to be a short-lived correction.

 

Comparing 2 nations, Canada has healthier fiscal system and greater weighting to commodities. If commodity sector is strong, loonie will perform quite well. According to RBC, from the point of Canada's economic fundamentals 1.0000/0.9520 range is normal for USD/CAD.

 

It’s also necessary to note that RBC is concerned about the impact of the euro-zone debt crisis on the global economy. The specialists note that investors have to be prepared for an extended period of slow growth both in the United States and Europe.

 

 

Chart. Daily USD/CAD

 

 

 

Comment here http://www.fbs.com/analytics/news_markets/view/8540

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"Mizuho: forecasts for EUR/USD"(2011-09-02)

 

 

 

 

 

 

 

 

Currency strategists at Mizuho updated forecasts for EUR/USD. According to the specialists, the single currency will be steadily rising versus the greenback to reach $1.5000 in a year from now. The analysts see euro strengthening to $1.4300 in September and to $1.4650 in 3 months.

 

 

Chart. Daily EUR/USD

 

 

Comment here http://www.fbs.com/analytics/news_markets/view/8542

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"UBS, Commerzbank: comments on EUR/CHF"(2011-09-02)

 

 

 

 

 

 

 

 

Currency strategists at UBS note that Swiss franc keeps appreciating versus the single currency and US dollar due to the encouraging economic data from Switzerland and the lack of comments from the Swiss national bank. Commerzbank notes that the data indicate that Swiss economy is fundamentally sound increasing demand for franc as a safe haven.

 

Switzerland's economy expanded 2.3% in the second quarter on the annual basis after gaining 2.5% in the first 3 months of the year. Swiss retail sales grew only 1.9% in July after adding 7.9% in June as Swiss prefer to go shopping abroad.

 

According to UBS, the pair EUR/CHF may hit the 1.1000 level or get even lower. Analysts at Commerzbank say that if euro drops below 1.1023 it will eased down to stabilize in the 1.0800 area.

 

 

Chart. Daily EUR/CHF

 

 

 

Comment here http://www.fbs.com/analytics/news_markets/view/8544

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"Goldman Sachs changed RBNZ rates forecast"(2011-09-02)

 

 

 

 

 

 

 

Analysts at Goldman Sachs believe that the Reserve bank of New Zealand will keep official cash rate unchanged at 2.5% until March, while earlier the specialists thought that the central bank will raise the borrowing costs. The RBNZ meeting is scheduled on September 15.

 

 

Chart. Daily NZD/USD

 

 

 

Comment here http://www.fbs.com/analytics/news_markets/view/8546

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"NFP disappoints: unchanged in August"(2011-09-02)

 

 

 

 

 

 

 

The market has certainly looking forward to better Non-Farm Payrolls figures, but the indicator remained unchanged in August, while the economists surveyed by Bloomberg expected 65,000 increase. The unemployment rate remained at 9.1%.

 

It’s necessary to note that the poor situation at the labor market is one of the reasons why the Fed’s Chairman Ben Bernanke said the central bank still has tools available to stimulate growth. As the result, the possibility that the Federal Reserve launches QE3 has increased.

 

 

 

Comment here http://www.fbs.com/analytics/news_markets/view/8547

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<div> "Ichimoku. Weekly forecast. GBP/USD"(2011-09-05)</div>

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<div>Weekly GBP/USD</div>

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<div>On the weekly GBP/USD chart we see the sideways trend: the majority of the Indicator lines are directed horizontally (1, 2, 3), only Senkou Span B has gone a bit up narrowing the bullish Ichimoku Cloud.</div>

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<div>Last week the prices closed below the Standard line (1), while this week sterling began below the Turning line (2). Both lines are currently acting as resistance for pound.</div>

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<div>Tenkan-sen (2) and Kijun-sen (1) still keep the “dead cross” in place, though the signal isn’t strong as it was formed above Kumo, but keeps the pair from getting higher.</div>

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<div>Chart. Weekly GBP/USD

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<div>Daily GBP/USD</div>

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<div>Last week the prices went down ruining the short-term uptrend. Tenkan-sen (1) and Kijun-sen (2) have formed the “dead cross”.</div>

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<div>The short-term Turning line and Senkou Span A (3) are going down (3) and the Ichimoku Cloud is narrowing due to its descending upper border.</div>

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<div>It’s also necessary to note that the lagging Chinkou Span has breached the price chart – the bearish signal (5). In addition, the prices have tested the levels below the Ichimoku Cloud – it happened where Kumo has switched and was thin. As a result, sterling may have lost an important support.</div>

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<div>The longer term Standard line (2) and Senkou Span B (4) remain horizontal that means that this week the decline could be partially compensated. At the same time, it’s necessary to remember about the resistance. It’s possible that the bears pull the rate down to $1.6100/$1.6050.</div>

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<div>Chart. Daily GBP/USD

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<div>Comment here http://www.fbs.com/analytics/news_markets/view/8551</div>

 

[internationallove]

"Ichimoku. Weekly forecast. USD/JPY"(2011-09-05)

 

 

 

 

 

 

 

 

 

Weekly USD/JPY

 

On the weekly USD/JPY the situation didn’t change much. The prices remain in the area of the record minimums, in the narrow range between 76 and 77 yen. High demand for yen is still competing with the risk of further Bank of Japan’s interventions.

 

The greenback still lacks support, while resistance is provided by the declining Tenkan-sen (1) and the horizontal Kijun-sen (2) as well as by the descending Ichimoku Cloud (3). The Turning line (1) and the Standard line (1) still keep the strong “dead cross” in place.

 

 

Chart. Weekly USD/JPY

 

Daily USD/JPY

The fact that all lines of the Indicator are moving sideways (1, 2, 3 and 4) means that US currency’s consolidation in the current narrow range may drag on.

 

During the whole week the bears kept the prices mainly below the Turning line (1).

 

Tenkan-sen (1) and Kijun-sen (2) keep the “dead cross” in place. The bearish Ichimoku Cloud (3, 4) still keeps US currency under pressure.

 

 

Chart. Daily USD/JPY

 

 

 

Comment here http://www.fbs.com/analytics/news_markets/view/8552

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"Ichimoku. Weekly forecast. USD/CHF"(2011-09-05)

 

 

 

 

 

 

 

 

 

Weekly USD/CHF

 

After the 3 consecutive weeks of growth the pair USD/CHF dropped last week testing the levels below the turning line (1).

 

The lines of the Indicator go smoothly down (1, 2, 3 and 4) that means that the downtrend keeps on and the August advance of US currency may be nothing more than correction.

 

Tenkan-sen (1) acts as support, while Kijun-sen (2) represents a rather strong resistance. The prices will likely stay between Tenkan and Kijun.

 

 

Chart. Weekly USD/CHF

 

Daily USD/CHF

 

Last week the pair USD/CHF has approached the Ichimoku Cloud, but didn’t manage to overcome Senkou Span A (3). After that the prices broke above the Turning line (2) and now support is provided only by the Standard line (1).

 

Tenkan-sen (2) and Kijun-sen 91) hold the “golden cross” in place (3), though its power isn’t very high as it was formed below Kumo. The Cloud that has turned bullish (4) is still extremely thin. The lagging Chinkou Span (5) didn’t manage to stay above the price chart and once again fell below it.

 

It’s necessary to note that Tenkan and Kijun are moving horizontally that allows us to expect consolidation of the rate between the Standard line and the Ichimoku Cloud.

 

 

Chart. Weekly USD/CHF

 

 

 

Comment here http://www.fbs.com/analytics/news_markets/view/8553

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"Commerzbank: sell EUR/USD"(2011-09-05)

 

 

 

 

 

 

 

 

 

The single currency fell from last week’s maximum versus the greenback at $1.4550 set on Monday to the levels below $1.4200 today. The pair EUR/USD breached the short-term uptrend support line.

 

Technical analysts at Commerzbank advise investors to sell euro. In their view, the pair is on its way down to $1.4055/1.3997 (August minimum, 200-day MA and the 200-week MA).

 

According to the bank, the bears will make several attempts to break down. The specialists say that if the European currency closes the week below $1.3837, it will be poised down to $1.2000 in the longer term.

 

 

Chart. Daily EUR/USD

 

 

 

Comment here http://www.fbs.com/analytics/news_markets/view/8555

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"BNZ: forecasts for NZD/USD"(2011-09-05)

 

 

 

 

 

 

 

 

 

Analysts at BNZ believe that the fair value New Zealand’s dollar versus its US counterpart has declined by 4 cents during the past month to $0.6950/0.7050 as the risk appetite index fell from 46.4% to 36.2%. As the pair NZD/USD is currently trading in the $0.8400 area, it seems to be overvalued.

 

However, the economic data from New Zealand is encouraging and the demand for kiwi is high. That means that the currency has become less sensitive to the surges of risk aversion. As a result, the specialists expect the pair to enjoy solid support.

 

According to the bank, NZD/USD will climb to $0.8700 by the end of the year. Support for the pair lies at $0.8110, while resistance is at $0.8570 in the short-term.

 

 

Chart. Daily NZD/USD

 

 

 

Comment here http://www.fbs.com/analytics/news_markets/view/8557

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<div> "BMO Capital Markets: GBP/USD forecast for 2011-2012"(2011-09-05)</div>

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<div>British pound has been trading within a downside channel versus the greenback: it fell August 19 the maximum at $1.6618 to the levels in the $1.6100 zone.</div>

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<div>Currency strategists at BMO Capital Markets believe that GBP/USD will keep declining during the next quarters.</div>

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<div>The specialists think that sterling will trade in the $1.6200 region during the third quarter and then hit $1.5800 by the end of the year. According to BMO, in the first 3 months of 2012 the pair will reach its lowest point at $1.5500 and then start rising to $1.5700 in the second quarter, $1.6100 in the third and $1.6400 in the final quarter of the next year.</div>

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<div>Chart. Daily GBP/USD

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<div>Comment here http://www.fbs.com/analytics/news_markets/view/8565</div>

 

[internationallove]

"UBS: EUR/CHF will keep declining"(2011-09-05)

 

 

 

 

 

 

 

 

 

The single currency dropped versus its Swiss counterpart from last week’s maximum of 1.1975 reached on Monday to Friday’s minimum of 1.1000.

 

Currency strategists at UBS point out that euro’s decline was accelerated by concerns about the euro zone’s debt crisis and disappointing US labor market data. In their view, worries about the new slump of EUR/CHF are increasing as can be seen from rising option implied volatilities in the EUR/CHF exchange rate.

 

The bank warns that the pair may lose more during the next few weeks unless the Swiss National Bank tries to stabilize the rate of its national currency.

 

 

Chart. Daily EUR/CHF

 

 

 

Comment here http://www.fbs.com/analytics/news_markets/view/8567

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"J.P.Morgan: trade ob ECB meeting"(2011-09-05)

 

 

 

 

 

 

 

 

 

The European Central Bank meeting is taking place on Thursday. The ECB will announce its benchmark rate at 3:45 pm (GMT+4).

 

Strategists at J.P.Morgan Asset Management advise investors to be very attentive to the language of the ECB President Jean-Claude Trichet.

 

If Trichet’s comments sound less dovish than the market hopes, that may give euro a lift versus the greenback. The specialists recommend selling EUR/USD on its advance in the $1.45 with target at $1.41 and stop at $1.47.

 

 

Chart. Daily EUR/USD

 

 

Comment here http://www.fbs.com/analytics/news_markets/view/8569

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"TD Securities, BarCap: RBA didn’t cut rates"(2011-09-06)

 

 

 

 

 

 

 

 

The Reserve Bank of Australia decided to leave the benchmark interest rate unchanged at 4.75%.

 

The RBA Governor Glenn Stevens said that the domestic outlook is strong enough and the nation is still benefiting from a mining boom, though the situation at the global financial markets remains extremely uncertain, so it’s not appropriate either to increase or reduce the borrowing costs. It’s necessary to note that the central bank still regards inflation as a problem and sees it rising above the target level.

 

Analysts at TD Securities believe that the next move of the RBA will be to the upside though the market is pricing in the rate cuts. The specialists make such assumption due to the solid prospects of Australia’s main trading partners, primarily China.

 

Strategists at Barclays Capital share this point of view. According to them, Australia’s strength is coming from high domestic demand and as commodity prices.

 

Economists at NAB think that the RBA may stay on hold until the middle of 2012 when they expect the economy to start growing at above trend rates.

 

The pair AUD/USD hit the minimal level in more than a week at $1.0489 on the concerns about the European debt crisis and its negative impact on the world’s economy.

 

 

Chart. Daily AUD/USD

 

 

Comment here http://www.fbs.com/analytics/news_markets/view/8571

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<div> "BBH, Socgen: negative outlook for euro"(2011-09-06)</div>

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<div>Analysts at Brown Brothers Harriman note that the lack of action from the euro zone’s authorities begins erasing the line between a banking crisis and a euro crisis. In their view, political protectionism amid solvency problems of the peripheral nations ruin euro's defenses by undermining the proposed extension of the EFSF (European Financial Stability Fund) and the ECB's government bond purchases and increasing the risk of a disorderly default in Greece.</div>

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<div>The recent strengthening of EUR/USD was due to the expectations of policy containment of global risks, but European political tensions and the discouraging US labor market data released on Friday deprived the European currency of this kind of support.</div>

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<div>If Europe's credibility crisis enters a state of no confidence to both economic governance and political unity, it would be very hard for euro to hold above $1.40. BBH is sure that euro will ultimately fall to the 200-day MA at $1.4013.</div>

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<div>Currency strategists at Societe Generale note that the single currency looks very vulnerable without the support of the hawkish European Central Bank. In their view, if EUR/USD drops below $1.3900, it would be poised down to $1.3000.</div>

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<div>Chart. Daily EUR/USD

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<div>Comment here http://www.fbs.com/analytics/news_markets/view/8575</div>

 

[internationallove]

"SNB fixed floor for EUR/CHF: comments"(2011-09-06)

 

 

 

 

 

 

 

 

 

 

The Swiss National Bank set a minimum exchange rate target for EUR/CHF at 1.20 as strong franc has negative impact on the nation’s economy. The SNB pledged to buy foreign currency in unlimited quantities to keep the pair above the target level.

 

The single currency bounced versus Swiss franc by about 9% from the levels in the 1.1000 area to 1.2186 before easing to 1.2030/40.

 

The analysts burst out with comments on this development.

 

NAB: EUR/CHF should stay above 1.25 to rule out the deflationary threat. Euro may rise to 1.25/1.30 during the next month.

 

Societe Generale: SNB’s move will encourage demand for French and German government bonds helping to stabilize the situation in both Switzerland and Europe.

 

Capital Economics: SNB had no choice but to act as Switzerland’s exports are in danger.

 

Morgan Stanley: this time the SNB may succeed in reducing demand for franc. It was a hard decision for the central bank to step into the market as its previous interventions led to huge losses.

 

 

Chart. H4 EUR/CHF

 

 

Comment here http://www.fbs.com/analytics/news_markets/view/8577

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"Key events for the euro area this week"(2011-09-06)

 

 

 

 

 

 

 

 

 

 

Tuesday. The finance ministers of Germany, the Netherlands and Finland are meeting to discuss collateral for loans to Greece. Earlier Finland has proposed that Greek state assets be transferred to a Luxembourg-based holding company and held as security for new loans to Athens.

 

Wednesday. Germany's constitutional court will rule on the legality of euro zone bailouts. The court's judgment will settle whether Chancellor Angela Merkel's government breached the German people's property rights in agreeing to the initial bailout of Greece in 2010, whether the nation’s authorities should have asked the parliament before taking part in the bailouts of Ireland and Portugal and whether the European Central Bank's purchases of government bonds are legal. The possibility that the court rules the aid for euro zone partners as unconstitutional is low, but it may force German government to seek for the Bundestag’s approval of future loan packages. That would slow down the process of combating the euro area’s debt crisis.

 

Thursday. There’s the European Central Bank’s meeting. The ECB is expected to signal the pause in its rate tightening cycle. The Minimum Bid Rate is announced at 3:45 pm (GMT+4).

 

Friday/Saturday. Finance ministers and central bankers of G7 nations are meeting in Marseille, France. If no solution comes, the market will suffer greatly.

 

 

Chart. Daily EUR/USD

[internationallove]

"Commerzbank: comments on EUR/CHF and USD/CHF"(2011-09-06)

 

 

 

 

 

 

 

 

 

Technical analysts at Commerzbank believe that the longer-term outlook for EUR/CHF remains positive: the pair is on its way up to 1.2346/1.2400 (December 2010 and March 2011 minimums and June 2011 peak). Then euro will advance to the 55-week at 1.2668 and then to this year's maximum at 1.3245. In their view, the recent decline of the single currency from August 29 maximum at 1.1971 to minimums in the 1.1000 was only a correction.

 

 

Chart. Daily EUR/CHF

 

As for the pair USD/CHF, for the outlook to become bullish the greenback has to break above the 50% Fibonacci retracement from December 2010 maximums at 0.8567 and June maximums at 0.8575. US dollar will be supported at 0.8375, 0.8250/40 and the top of the previous trading channel at 0.8200.

 

 

Chart. H4 USD/CHF

 

 

 

Comment here http://www.fbs.com/analytics/news_markets/view/8581

[internationallove]

"Wells Fargo lowered Swiss franc's forecast"(2011-09-07)

 

 

 

 

 

 

 

 

 

Analysts at Wells Fargo revised downwards their forecasts for Swiss franc after the Swiss National Bank yesterday pegged franc to euro.

 

The specialists think that this time Switzerland’s monetary authorities will succeed in stemming franc’s gains – their previous attempt to weaken the national currency led to $21 billion loss last year. At the same time, the economists don’t believe that franc has much room for depreciation as the market remains in the risk-off state.

 

Wells Fargo increased its 3- and 6-month projection for EUR/CHF from 1.06 to the SNB target level of 1.20. In their view, in 9 months franc will ease to 1.22 per euro.

 

Strategists at Schneider Foreign Exchange say that SNB’s move was surprising, but now when the central bank has to some extent decreased the safe-haven flows to franc, investors may turn to other currencies such as Norwegian krone.

 

However, analysts at Lloyds note that though the near-term outlook for franc has changed to the downside, in the longer term the SNB is likely to fail to hold EUR/CHF above 1.20 as the situation in the euro zone may significantly deteriorate.

 

 

Chart. Daily EUR/CHF

 

 

 

Comment here http://www.fbs.com/analytics/news_markets/view/8586

[internationallove]

"ANZ: comments on NZD/USD"(2011-09-07)

 

 

 

 

 

 

 

 

New Zealand’s dollar is correcting upwards versus the greenback after its recent decline from August 31 maximum at 0.8572 to yesterday’s minimum in the 0.8200 zone.

 

Among the drives for NZD/USD the analysts at ANZ cite strong performance of Asian equity markets and better-than-expected Australian GDP figures. In their view, resistance for the pair lies at 0.8320, while support is found at 0.8240.

 

The MSCI Asia Pacific Index of shares rose by 2.2%. Australia’s economy added 1.2% in the second quarter (q/q) after declining by 0.9% in the first 3 months of 2011, while the economists surveyed by Bloomberg News were looking forward to only 1% increase.

 

 

Chart. H4 NZD/USD

 

 

Comment here http://www.fbs.com/analytics/news_markets/view/8588

[internationallove]

"Commerzbank: comments on EUR/USD"(2011-09-07)

 

 

 

 

 

 

 

 

Technical analysts at Commerzbank are bearish on EUR/USD. In their view, yesterday’s spike high to 1.4284 didn’t change the negative prospects of the single currency in the near-term.

 

The specialists expect the pair to fall to the 2010-2011 uptrend line at $1.3939 noting that the DMI (directional movement indicator) has confirmed the sell signal.

 

At the same time, the bank sees a lot of divergence on the hourly chart and warns that euro may correct upwards today rising to $1.4193.

 

 

Chart. H4 EUR/USD

 

 

Comment here http://www.fbs.com/analytics/news_markets/view/8590

[internationallove]

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<div> "USD/JPY: fundamental analysis, intervention prospects"(2011-09-07)</div>

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<div>Swiss franc and Japanese yen have so far reached the record maximums. Yesterday the Swiss National Bank set the floor for EUR/CHF at 1.20 and many investors now expect the Bank of Japan to take the similar measures in order to weaken yen.</div>

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<div>The new Japanese finance minister Jun Azumi said that he will try to convince other G7 nations that strong yen poses a threat to the world's third-biggest economy. Strategists at Credit Suisse think that it might be easier for Japan to defend its position after the SNB’s move.</div>

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<div>At the same time, analysts at JPMorgan Securities say that Japanese economy is currently on the rebound and corporate and exporters are doing better than expected. In their view, there’s no national emergency and this fact may hold Japan’s monetary authorities from currency interventions and additional easing.</div>

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<div>In addition, while the currency peg was reasonable for the euro area as 70% of Swiss exports go to the European Union, it doesn’t fit Japan as less than 20% of its trade is done with the United States so Japan isn’t likely to follow SNB’s example.</div>

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<div>It’s also necessary to note that the BOJ will have more difficulties in stemming the appreciation of the national currency as the size and liquidity of the Japanese government bonds market is actually a lot bigger than that of the Swiss National Bank's one, so they are more attractive for investors, especially domestic.</div>

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<div>UBS specialists claim that Japanese government will be more preoccupied with reconstruction problems after March earthquake and tsunami than with forex issues.</div>

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<div>BOJ meeting</div>

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<div>The BOJ left today its key rate unchanged at the minimal levels below 0.1%, but didn’t announce more easing measures. Last month the Bank of Japan expanded its asset purchase program from 40 to 50 trillion yen. The central bank expects the national economy to return to a moderate recovery path from the second half of the current fiscal year.</div>

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<div>Strategists at Mizuho Securities claim that the BOJ may ease its policy at its next meeting on October 6-7 or conducts an emergency meeting and it will happen even sooner. The easing move may be catalyzed by FOMC meeting on September 20-21, weak Tankan business sentiment survey and rising demand for yen.</div>

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<div>Chart. Daily USD/JPY

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