Japanese Yen weakened against most of the crosses although the USD/JPY failed to rally as the USD weakness intensified. Japan cut its 2009/10 growth to -3.3%. Positive stocks helping sentiment.
Technical Outlook:
R1: 98.10 S1:96.50
R2: 98.25 S2:96.40
Yen chart pattern indicates bearish move for the day . Trading range for the day is expected between 96.60 – 97.90 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 overbought areas(below lower band)giving room for reversal.
R2: 98.25 S2:96.40
Yen chart pattern indicates bearish move for the day . Trading range for the day is expected between 96.60 – 97.90 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 overbought areas(below lower band)giving room for reversal.
No comments:
Post a Comment