Japanese Yen continued to be very weak with the 97 level offering little resistance as the pair pushed to new 3 month highs. On the Crosses, initial buoyancy was pared back by major weakness with the GBP/JPY especially soft after failing to hold 140.
Technical Outlook:
R1: 98.65 S1:97.02
R2: 98.86 S2:96.69
Yen chart pattern indicates a bullish crossovers for the day . Trading range for the day is expected between 97.10 – 98.58 levels . Momentum are seen trending up and currency is seen trading above the moving average giving indication of a bull run . Parabolic is also supported the same
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