Yen was aided today from sharp falls in equities around the world and generally weaker greenback. . Data out this morning included Japanese trade balance coming in at .61T.
TECHNICAL VIEW FOR THE DAY DATED 22.05.2008
YEN is expected to be on a bearish note for the day. With trading range expected between 102.20- 103.70 . Good support for the currency is seen at 102.00 levels and resistance is seen at 103.90 levels. Chart pattern indicates the formation of double top giving confirmation on the bearish note. Momentum and stochastic are hinting towards the bearish note to continue for the day but as they are in oversold level market can expect a small correction upwards.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment