Japanese Yen soared as US stocks continued to weaken and the USD/JPY broke through 90 dragging down all the crosses. Trading was quiet in Asia as Japan was away on a bank holiday. November Current Account released down -65.9%.
Technical Outlook:
YEN R1: 89.80 S1:88.50
R2: 89.90 S2:88.40
yen chart pattern indicates the currency to be on a bear note for the day. Trading range for the day is expected between 88.60-89.70 levels .Currency is seen trading below the moving average giving bearish crossovers and parabolic is also supporting the bear note. Stochastic is trending down pointing towards downside correction.
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