Dollar May Climb to 3-Month High Versus Yen: Technical Analysis
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The dollar may climb to the highest level against the yen since December within a month after the U.S. currency rose above its 90-day moving average, Bank of Tokyo-Mitsubishi UFJ Ltd. said, citing trading patterns.
The dollar may gain 1.9 percent to reach the Dec. 15 high of 84.51 yen after the currency breached initial resistance yesterday and its 5-, 21- and 65-day moving averages are about to form so-called golden crosses, said Teppei Ino, a Tokyo-based analyst at the unit of Japan’s largest banking group. Resistance refers to a level where sell orders may be clustered.