Japanese Yen continued to be under pressure as the increase in risk appetite spilled over into Yen selling. USD/JPY traded towards 99 although gains were limited by Dollar weakness. . Looking ahead, BOJ meet today and will possibly discuss further steps to support the economy.
Technical Outlook:
R1: 98.90 S1:97.50
R2: 99.00 S2:97.40
Yen chart pattern indicates sideways for the day . Trading range for the day is expected between 97.80 – 98.80 levels . Stochastic and momentum are seen trending down and currency is trading on the moving average keeping silent on the trend.
R2: 99.00 S2:97.40
Yen chart pattern indicates sideways for the day . Trading range for the day is expected between 97.80 – 98.80 levels . Stochastic and momentum are seen trending down and currency is trading on the moving average keeping silent on the trend.
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