Japanese Yen surged on the back of heavy cross sales in Asia with USD/JPY testing 98.20. AUD/JPY and EUR/JPY selling the main channel with the later testing 130 Yen before rebounding for the rest of the day. Continued speculation over the health of the Japanese economy is providing support for Yen weakness.
Technical Outlook:
YEN R1: 100.10 S1:98.05 R2: 100.15 S2:98.00
Yen chart pattern indicates bearish move for the day . Trading range for the day is expected between 98.15 100.05 levels . Stochastic and momentum are seen trending down and currency is also trading below the moving average level giving bearish crossovers
Yen chart pattern indicates bearish move for the day . Trading range for the day is expected between 98.15 100.05 levels . Stochastic and momentum are seen trending down and currency is also trading below the moving average level giving bearish crossovers
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