yen headed for its biggest weekly gain in three months against the Euro as a decline in Asian stocks caused investors to sell higher-yielding assets financed with loans from Japan. It also set for the first five-day advance in a month versus the dollar as American International Group Inc said it would raise $12.5 billion to counter credit-market losses.
TECH VIEW
YEN is expected to be on downtrend for the day. the currency is trading below the fast moving averages. currency lends its support from 103.01 levels and holds resistance at 104.30 levels. trading range is expected between 103.05-10425 levels. momentum is trending downwards indicating the bear run to continue for the day. Day stochastic lies in the oversold position thereby supporting the downside trend of the currency
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