Yen gained against the dollar after again having a look above 105 with the drop in the Dow and bad US data precipitating a drop to lows of 103.54 before a recovery in stock market and strong buying on the crosses which allowed a close above 104. Interest rate announcement is out on Tuesday with the expectation that the Bank of Japan will be keeping interest rates on hold predicting a downturn in future data.
Tech view:
YEN is expected to be on a mixed note for the day. With trading range expected between 103.80- 104.70 Good support for the currency is seen at 103.70 levels and resistance is seen at 105.00 levels. levels. Momentum and stochastic are hinting towards the bullish trend to continue for the day .currency also lies well above the moving averages and is giving a bullish crossover.
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