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Yen failed to gain traction after initial gap up against most of the currencies today.
Investors, unlike last weekend, were well prepared for the outcome since polls were pointing to a very close call.
Unexpected referendum call last week saw investors rushing for exit from stock and bond market and Euro moved sharply up after initial 160 points gap down as investors rushed to hoard liquidity. Yen was naturally the best performer last week.
This week it is lot more different, investors are getting to the fact that a worst case scenario in Greece, unlikely to spark a massive rout in European stocks and Euro like 2010 due to its small size.
Euro zone has evolved a lot since 2011/12 debt crisis with ring fencing and rainy day funds. Euro zone is now a growing area due to ECB policy rather than a declining one back in 2010/12.
On other hand Indian Rupee is performing very well amid debt crisis in Greece and India is not much exposed to Greek crisis, other than general fund withdrawal.
Yen is currently trading at 0.5161 against INR. Resistance lies at 0.5223.
Yen is reading at 122.8 against dollar, bounced back from support area of 122 today.
