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YEN - likely to gain



If the GBP and Aussie were strong against dollar like most of the other currencies then Yen was a spectacular exception. USD has actually gained on Yen when it has fallen against most of the currencies. en

This does not bear good news for Yen, which is loosing ground against a weakening Dollar. There has been hue and cry about how low the Yen is. The issue is likely to gather more steam and most probably the result will be the steady and gradual strengthening of Yen. The strengthening of the Yen is also inevitable because of the expected hike in the interest rates.

Technically, the Yen looks set for a rally. The expanding form that Yen gained from in Feb and its consequent rally in March has been retraced by 61.8%. Dollar was not able to break above the 120 barrier and has fallen again. The trend at present is clearly down for dollar. There would be shorting opportunities in the dollar on a bounce up to 120. Even on the breach of 120, the dollar is not like to show strength. For the dollar to gain massive strength, the level of 122 are crucial.

Conclusion: Short opportunities on any rise up to 120. The likely target is in the range of 116-116.5. The passive stop-loss to be above 122. The aggressive trading stop loss above 120.
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