Yen support level outlook march 26-30 2012

Yen support level outlook march 26-30 2012 : The dollar is likely to reverse some of its recent gains against the yen after failing to make a convincing break of 84. The end of the fiscal year in Japan should also boost seasonal demand for yen, adding to potential strength in yen against the dollar and the euro. A top in EUR/JPY appears to be in place near 111.0.

This news come against the backdrop of the near substantial yen speculative shorts recorded on the CFTC. The recent improvement in the trade balance is also a source of broad strength of the yen. And finally, lack of interest support from the front-end of the US curve also provides support that the dollar is likely to remain under pressure against the yen.

Key Levels: Resistance around 84.18, support at 82.00.

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