Yen came off new multi month high as equities turned negative in the European session on banking concerns. 1st Quarter GDP came in stronger than expected at 1.0% but caused little reaction as the figure still indicates sluggish growth.
Tech View:
Yen is expected to be on upper side for the day. support is seen at 106.30 and holds resistance at 108.20.trading range is expected between 106.40-107.90 levels for the day. the stochastic lies in the bull territory and signals for the continuation for the day. currency is above the moving average yet momentum cautions for a downward correction in near term.
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