The Japanese Yen gained across the board as banking write downs sparked a new wave of risk aversion. Q2 GDP came in at -0.6% and the Q2 GDP Deflator was slightly worse than forecast at -1.6%
TECHNICAL VIEW:
yen chart pattern indicates the currency to be on downside consolidation phase for the day.The down trend is only for the short term and trading range is expected between 108.10-109.80. currency lends its support at 108.00 levels for the day and holds resistance at 109.95 for the day.Momentum takes the currency to be on downside.
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