Japanese Yen had an extremely volatile day with traders buying Yen aggressively in Asia before the sharp reversal in risk sentiment in the US saw it give up most of its gains. Q4 GDP was revised slightly better to -3.2% vs. -3.3% initial. Crosses were very well supported as the majors gained aggressively. Looking ahead for January Industrial Output previously at -10%.
Technical Outlook
R1: 98.20 S1:97.00
R2: 98.30 S2:96.90
Yen chart pattern indicates bear note for the day . Trading range for the day is expected between 97.10 – 98.10 levels . Stochastic is trending down and currency is trading below the moving average giving bearish crossovers. Momentum is giving a caution signal.
R2: 98.30 S2:96.90
Yen chart pattern indicates bear note for the day . Trading range for the day is expected between 97.10 – 98.10 levels . Stochastic is trending down and currency is trading below the moving average giving bearish crossovers. Momentum is giving a caution signal.
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