Japanese Yen defied risk aversion for the 3rd day and broke higher above 93 on the USD/JPY. The market has turned bearish on the Yen in recent trading sessions with Government instability and worsening economic outlook weighing. Yen above 93.00 at six-week high fuelled by U.S. Gov. economic plans . Looking ahead for BoJ meets today.
Technical Outlook:
R1: 94.60 S1:92.10
R2: 94.80 S2:91.90
Yen chart pattern indicates a bullish crossovers for the day . Trading range for the day is expected between 92.20 – 94.50 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
No comments:
Post a Comment