Japanese Yen weakened considerably in the Asian session after the affirmation of the US AAA rating from Moody’s. The pair trading above 96 and didn’t stop until sellers above 97 put a cap on the rally. Crosses were also very buoyant on the back of US stocks and are all nearing year highs. A major source of Yen selling was that Japanese Investors were looking for higher yields outside of Japan. Looking ahead, April Industrial Output is forecast at 3.2% vs. 1.6% previously.
Technical Outlook:
R1: 97.30 S1:95.90
R2: 97.50 S2:95.70
Yen chart is expected to have a small downside consolidation for the day . With the trading range between 96.10-97.20 levels. Stochastic and Relative strength index are holding on the bull trend and momentum is also pointing up hinting a bull run.
R1: 97.30 S1:95.90
R2: 97.50 S2:95.70
Yen chart is expected to have a small downside consolidation for the day . With the trading range between 96.10-97.20 levels. Stochastic and Relative strength index are holding on the bull trend and momentum is also pointing up hinting a bull run.
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