The Japanese Yen came under severe pressure as stocks staged major rallies around the world. USD weakness kept USD/JPY under pressure initially but +5% gains overwhelmed .Looking ahead, February Trade Balance is forecast at -10.9 vs. -952.6.
Tech view
YEN R1: 98.40 S1:96.60
R2: 98.50 S2:96.50
yen chart pattern indicates the currency to have a upside movement for the day. Trading range for the day is expected between 96.80-98.30.levels. Stochastic is seen trending up giving room for a bullish correction.
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