Japanese Yen gained strength after risk aversion soared in Europe on back of the fresh banking concerns. USD/JPY was under pressure as well but broad USD strength helped the pair to stay above the key 90 level. November Industrial Production was revised lower at -8.5% vs. -8.1%. Looking ahead for Consumer Confidence for December previously at 28.4.
Technical outlook:
R1: 91.00 S1:89.60
R2: 91.10 S2:89.40
yen chart pattern indicates the currency to remain mixed for the day. Trading range for the day is expected between 89.70 - 90.95 levels . Stochastic is trending down pointing a small downward correction and the currency is seen trading between the moving averages giving mixed signals.
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