Jun 07 2013
Yen Went Down Rapidly By About 3.0 JPY/USD In A Day
Yen has dropped rapidly about 3.0 JPY/USD in a single day. It can be because of some technical reasons of mix-up of taking profit and stopping the loss trading than the factors of fundamental as both the countries have not changed their major monetary policy.
Market seems to be nervous as the US Current Employment Statistics will be going to release on 7th June into public. Markets are holding their nerves and very suspicious to take any position because volatility is the only certain result in the view. So, the yen dropped very sharply as the rate broke a support line. It looks even the support line of 95 Yen Level will be considered as strong support line.
Rate Range Projection by Bank
Next Week : 95.00 - 98.50
Next 3 Months : :95.00 - 105.00