Japanese Yen was volatile initially gaining as Asian stocks slumped following the US lead. A reversal in US stock direction allowed all the crosses to stage a relief rally. November Machine Orders fell 16.2% vs. -8.1% forecast. Currency fell on speculation stock gains and measures to stabilize the U.S. financial system will encourage investors to buy higher-yielding assets funded in Japan’s currency.
YEN R1: 90.90 S1:89.50
R2: 91.10 S2:89.40
yen chart pattern indicates the currency to be on a bull note for the day. Trading range for the day is expected between 89.70 - 90.80 levels . Stochastic is trending up pointing towards upward correction and the currency is seen trading between the moving averages, but bullish crossover of MACD confirms the bull note
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