Japanese Yen tested resistance above 92 early in Asia but smaller than forecast gains in Asian stocks and profit taking sent most crosses lower. The US session saw most pairs retrace losses with the market responded to a drop in risk aversion. December Machine Orders fell -1.7% vs. -16.0% the month before as manufacturing continued to shrink.
Technical Outlook:
R1: 92.00 S1:90.50
R2: 92.20 S2:90.40
yen chart pattern indicates the currency to remain sideways to bearish for the day. Trading range for the day is expected between 90.70 – 91.80 levels . Momentum are seen trending down and is expected to give a small consolidation and Relative strength index is also supporting the same but parabolic is giving a caution .
R2: 92.20 S2:90.40
yen chart pattern indicates the currency to remain sideways to bearish for the day. Trading range for the day is expected between 90.70 – 91.80 levels . Momentum are seen trending down and is expected to give a small consolidation and Relative strength index is also supporting the same but parabolic is giving a caution .
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