yen for the first time in six days as traders judged its losses were excessive given speculation the Federal Reserve will refrain from lowering interest rates. The currency rebounded from a three-week low versus the yen as a technical chart that traders use to predict price movements signaled the dollar's 2.4 percent decline in the past five days was overdone.
YEN is expected to be on a bull note with the trading range of 102.70-104.00.With good support seen at 102.60 and key resistance for the currency is seen at 104.20 levels. Stochastic and Relative Market strength is giving a indication for the currency to be on a bull note but an element of caution is required as the currency is giving bearish crossovers giving indication of the possibility of small bearish correction .
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