Japanese Yen strengthened in Asia and Europe while risk aversion continued as the market theme. The market entered oversold territory on the crosses and the lack of follow through saw a significant relief rally when US stocks changed direction.
Technical Outlook
YEN R1: 90.40 S1:89.00
R2: 90.50 S2:88.70
yen chart pattern indicates the currency to remain bullish for the day. Trading range for the day is expected between 89.30 – 90.20 levels . Stochastic and momentum are seen trending up giving a upward correction .Currency is trading between the fast and slow moving average.
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