Yen fell against the dollar on the release of strong U.S inflation and manufacturing data. The news supported a positive outlook for the greenback as the market believes the Federal Reserve may not need to cut rates as aggressively as seen since January. Meaning the yen may weaken further in the ensuing days if positive U.S data keeps flowing.
TECHNICAL FOR THE DAY
Yen is expected to trade in the range of 101.20-102.30. Good support for the currency is seen at 101.10 levels and 102.50 levels holds as a key resistance .stochastic and Relative Market strength index is giving an indication for the currency to have a downward correction for the day. yen is seen trading well below the moving averages.
Yen is expected to trade in the range of 101.20-102.30. Good support for the currency is seen at 101.10 levels and 102.50 levels holds as a key resistance .stochastic and Relative Market strength index is giving an indication for the currency to have a downward correction for the day. yen is seen trading well below the moving averages.
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