Yen May Fall to 3-Year Low on Broken Support: Technical Analysis
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The yen may decline to its weakest level in more than three years after weakening past a key support target, according to IronFX Financial Services Ltd.
The Japanese currency might fall to 97.60, its lowest level since August 2009, in the next three to six days after decreasing past support at 96.55 yesterday, according to Marshall Gittler, head of global foreign-exchange strategy at Limassol, Cyprus-based IronFX. The decline is being driven by Japanese Prime Minister Shinzo Abe’s continued efforts to boost inflation, said Gittler, a former yen strategist at Deutsche Bank AG in Tokyo.