Japanese Yen was broadly offered even as equities turned negative giving the USD/JPY impetus to break through the 107 level. Aprils Machinery Orders rose 5.5% much stronger then the 2.6% economists fore casted. . Final GDP revised up 1.0% expected for the first quarter.
tech view:
Yen chart pattern indicates the currency to be on bull note for the day. With the trading range expected between 107.00-108.20.Support for the currency is seen at 106.80 levels and Key resistance is seen at 108.40 levels .Stochastic is giving an indication for the currency to be on a bull note but an element of caution is required as it is seen in overbought levels .Parabolic Analysis is helping the currency to stay in green.
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