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.
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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