Dollar to Rise to 78.84 Yen on Candle Chart: Technical Analysis
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The U.S. dollar may rally 1.5 percent within two weeks after it touched a seven-month low versus the yen, Forecast Pte said, citing trading patterns.
A “long lower shadow” formed on the so-called candle chart yesterday suggests sellers forced the greenback down before buyers pushed it back up toward the opening level by the end of the day, according to Pak Lai Ng, a Singapore-based technical analyst at Forecast.