Japanese Yen is enjoying some gain against the major peers after traders sold off the pair amid renewed risk aversion based on a slump in oil prices and overall dull growth prospects. Last week both oil benchmarks booked…
Japanese Yen is enjoying some gain against the major peers after traders sold off the pair amid renewed risk aversion based on a slump in oil prices and overall dull growth prospects.
Last week both oil benchmarks booked their first weekly rises of the year and continue to fall today as well.
Free fall of Oil prices made the Yen more attractive to invest as one of the safe havens assets.
Pair is currently supported below 118 mark and made intraday low at 117.92 levels.
Intraday bias remains bearish as this week will be important for Japanese Yen as BOJ monetary policy statement is due later this week.
Market anticipates further easing signal from the BOJ to achieve 2% inflation target.
Initial support levels are seen at 117.74 and 117.33 levels.
Initial resistance levels are seen at 118.43 and 118.71 mark.
