Global macro overview for 22/08/2016:
The poll made by Nikkei Research for Reuters agency showed, that the majority of Japanese investors say the latest government stimulus will make no real change and will not stimulate the economy well enough to get it back on track again. Moreover, investors think that the Bank of Japan should not ease monetary policy any further as their efforts to overcome deflation and stagnation have given no results whatsoever. In conclusion, an interesting point of view and overall sentiment among the Japanese investors is here to notice as the outlook is grim and negative towards BoJ actions.
Let's now take a look at the USD/JPY technical picture at the daily time frame. The price is trading around the recent lows, and the bulls barely made it to bounce from the technical support at the level of 99.98. The price is still trading below all the moving averages and it looks like it is about to make another lover low. The most important support is at the level of 99.04.
