Japanese Yen held in a tight range until early Europe when 99 was broken for the first time in 4 months. Buoyant stocks helped the crosses to stage massive rallies with the largest the AUD/JPY up over 4% off lows. 100 Yen is now firmly in the markets radar and many analysts suggest a test of this level is inevitable. Looking ahead for Business Capex forecast at -16.6% in Q4
Technical Outlook:
R1: 100.65 S1:98.60
R2: 100.80 S2:98.50
Yen chart pattern indicates a bullish crossovers for the day . Trading range for the day is expected between 98.80 – 100.50 levels . Momentum are seen trending up and currency is seen trading above the moving average giving indication of a bull run . Parabolic is also supported the same
R1: 100.65 S1:98.60
R2: 100.80 S2:98.50
Yen chart pattern indicates a bullish crossovers for the day . Trading range for the day is expected between 98.80 – 100.50 levels . Momentum are seen trending up and currency is seen trading above the moving average giving indication of a bull run . Parabolic is also supported the same
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