Japanese Yen was sold aggressively at the start of the US open as Stocks rebounded and news that the US stimulus package was nearing completion. Looking ahead for December Leading Indicators released previously at -3.7.
Technical outlook:
YEN R1: 91.90 S1:90.40
R2: 92.00 S2:90.30
yen chart pattern indicates the currency to remain bearish for the day. Trading range for the day is expected between 90.50 – 91.80 levels . Stochastic and momentum are seen flat giving and is expected to give a small consolidation .Currency is trading above the moving average and parabolic is also supporting bull note.
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