Japanese Yen failed in the high 99’s and slumped back as risk aversion prompted heavy cross selling. Business Capex fell -17.3% vs. -15.6% forecast. The market is now awaiting the NFP today for direction. Looking ahead FX Reserves previously at 1011Bn.
Technical Outlook:
R1: 98.90 S1:97.30
R2: 99.10 S2:97.20
Yen chart pattern indicates sideways movement for the day . Trading range for the day is expected between 97.40 – 98.80 levels .Stochastic is giving a bearish crossovers. Momentum are seen trending up and currency is seen trading between the moving average giving sideways outlook.
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