Japanese Yen June Contract
We are seeing a correction in Yen at the moment and although the trend is most defiantly down for this currency there is scope for a good correction given it has traded from 11345 10557 in just over a month. So you can see there is scope for Yen to appreciate in the short term.
10695 is the first objective once more. Once we can clear 10708 then we can start to move higher with 10743 the short term objective. Initially buyers will look to cover all longs here. They will re-instate longs then on a break above 10750, which clears the long term fib of 10744. Once this has been achieved 10794 is looking to entice.
Support remains at 10633/28. If we travel lower to this support buyers are again going to be waiting here. They are likely to hold longs as long as we can hold above 10600. If we can do this then the market can correct back higher. Failure to hold over 106 sees 10576/58 which is going to be quite difficult to break on first attempt.