JPYJPY/INR

The Japanese Yen appreciated by 0.1 percent yesterday taking cues from mixed global market sentiments that led to rise in demand for the low yielding currency.

However, the statement by the Bank of Japan Governor Haruhiko Kuroda that the monetary easing would be continued until target inflation of 2 percent is reached capped sharp gains in the currency. The Yen touched an intra-day high of 98.14 and closed at 98.49 on Tuesday.

Outlook

Appreciation in the Yen is expected in today’s trade as a result of rise in risk aversion in market sentiments which will lead to rise in demand for the low yielding currency.

Technical Outlook valid for November 6, 2013

 

Trend

 Support

Resistance

GBP/INRNov’13(NS/MCX-SX)

Sideways

99.30/99.10

99.80/100.10

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