Japanese Yen strengthened against the USD after the news of diversification of China’s FX reserves. Most of the crosses were mixed or made fresh gains as risk appetite picked up. GBP/JPY came under pressure after the Q1 GDP results. Looking ahead March Retail Sales previously at -5.8%
R1: 97.30 S1:96.00
R2: 97.45 S2:95.80
Yen chart pattern indicates bearish move for the day . Trading range for the day is expected between 96.10 – 97.20 levels . Stochastic and momentum are seen trending down and currency is also trading below the moving average level giving bearish crossovers but caution required as market is trading in the oversold areas(below lower band)giving room for reversal.
R1: 97.30 S1:96.00
R2: 97.45 S2:95.80
Yen chart pattern indicates bearish move for the day . Trading range for the day is expected between 96.10 – 97.20 levels . Stochastic and momentum are seen trending down and currency is also trading below the moving average level giving bearish crossovers but caution required as market is trading in the oversold areas(below lower band)giving room for reversal.
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