Japanese Yen was a major mover, weakening considerable on the back of the BOJ’s plan to buy 1T Yen of the countries bank shares to help sure up the sector. Also helping crosses to rally was the large rally in European and US stocks. A sustained rally will require the USD/JPY to reclaim the 90 level. R1: 90.40 ,R2: 90.50 and S1:89.00, S2:88.70
yen chart pattern indicates the currency to remain bullish for the day. Trading range for the day is expected between 89.20 – 90.20 levels . Momentum is seen trending up giving a upward correction supported by parabolic .Currency would get bullish confirmation with the break of fast moving average level of 89.70.
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