Japanese Yen responded to USD weakness with USD/JPY pulling back to 97.20 but most of the crosses remained relatively unchanged. The market is decidedly less bullish after the failure at 100 last week and stock market movements should again begin to direct movement. Looking ahead for Q4 GDP forecast to be unchanged at -3.3%
Technical Outlook:
R1: 96.80 S1:95.30
R2: 96.90 S2:95.20
Yen chart pattern indicates bear note for the day . Trading range for the day is expected between 95.50 – 96.70 levels .Stochastic is giving a bearish crossovers. And Momentum is also trending down supporting the outlook .Currency is seen trading below the moving average giving confirmation to the downward trend.
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