Yen Muted reaction to Bank of Japans unanimous decision to hold rates at 0.5% with no change to economic outlook although it was noted that risks are still to the downside. The share market falls weighed heavily on the currency .The yen rose to a one-week high against the dollar with decline in stocks which prompted investors to pare holdings of higher-yielding assets funded in Japan. Looking ahead there is no data out today from Japan.
Tech View:
YEN is expected to be on a bearish note for the day. With trading range expected between 102.70- 104.40 . Good support for the currency is seen at 102.50 levels and resistance is seen at 104.60 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 View is also supported by parabolic curve.
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