JPY rose -April 09

JPY rose to a three month high against the Euro, whilst it lost ground against the U.S dollar as Japanese investors continue to look towards high yielding assets. The BOJ is widely expected to hold rates at 0.5%. Yen is expected to trade in the range of 101.80-103.00 levels. With key support seen at 101.50 levels and resistance for the same is seen at 103.10 levels. Downtrend in the Japanese currency can be confirmed with the break of 102.20 levels where in the fast moving average lie. Stochastic and Relative Market strength index is also hinting towards the downtrend in the currency