Japanese Yen strengthened as risk aversion kept the safe haven well supported. Q4 GDP fell -3.3% slowing to its slowest pace since 1974. Initial reaction sent the USD/JPY lower but focus switched to the likelihood that a stimulus package will be announced and the pair rallied off lows.
Technical Outlook:
R1: 93.10 S1:91.60
R2: 93.20 S2:91.50
Yen chart pattern indicates a bullish correction for the day . Trading range for the day is expected between 91.70 – 93.00 levels . Momentum are seen trending up and currency is seen trading above thew moving average. Parabolic is also supported the same
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