Yen strengthened as weaker U.S equity profit results dampened investors initial optimism that companies may escape the global credit crisis relatively unharmed. Japan’s Trade Balance is to be released with expectations of the deficit growing to US$1400bn .
tech view
yen is expected to move on downside for the day. support is seen at 102.40 levels and resistance at 103.60 levels. the trading range is expected between 102.50-103.55 levels for the day. the momentum is trending downside .stochastic shows the currency towards the oversold area thereby giving caution of downtrend to continue for the day.
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