yen was hurt as Tokyo shares climbed to two-month highs, further supporting the view that the worst of the credit crisis is over. A slight recovery in investor confidence encouraged traders to move back into risky carry trades, in which the low-yielding yen is used to fund investments in higher-yielding currencies and assets.
Tech view
YEN chart pattern indicates the currency on a mixed note for the day. currency expected to give a slight downward correction for near term . support is seen at 103.90 levels and holds resistance at 105.30 levels. the trading range is expected between 104.00-105.20 levels. momentum is indicating the currency to be overbought levels thereby indicating a slight downside on near term.
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