Japanese Yen positive momentum in Asia sent the crosses to day highs in early Europe but the lack of follow through in US stocks pare gains going into the weekend. USD/JPY was especially well supported as technically this pair pointed to a break higher and the market is cautious of any intervention talk out of the G7 meeting. Looking ahead for Japan GDP Q4 forecast to fall -3.1% Q/Q.
Technical Outlook:
R1: 92.60 S1:90.80
R2: 92.80 S2:90.50
Yen chart pattern indicates the currency to give a downward correction after testing the resistance levels . Trading range for the day is expected between 90.90 – 92.40 levels . Momentum are seen trending up and currency is seen trading above thew moving average.
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