Euro May Drop to 12-Yr Low Versus Yen: Technical Analysis
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The euro may fall to a 12-year low against the yen next month, according to Sumitomo Mitsui Financial Group Inc., citing trading patterns.
The 17-nation currency may first slide to 97.76 yen, a level where the two leading lines meet on the daily ichimoku chart, as early as Oct. 8, before dropping below the so-called cloud and 94.12, said Daisuke Uno, chief strategist in Tokyo at a unit of Sumitomo Mitsui, Japan’s second-largest bank by market value. The level of 94.12 was the lowest since November 2000, according to data compiled by Bloomberg.