Japanese Yen is enjoying some gain against the major peers after traders sold off the pair amid renewed risk aversion based on a slump in oil prices and overall dull growth prospects.
- Last week both oil benchmarks booked their first weekly rises of the year and continue to fall today as well.
- Free fall of Oil prices made the Yen more attractive to invest as one of the safe havens assets.
- Pair is currently supported below 118 mark and made intraday low at 117.92 levels.
- Intraday bias remains bearish as this week will be important for Japanese Yen as BOJ monetary policy statement is due later this week.
- Market anticipates further easing signal from the BOJ to achieve 2% inflation target.
- Initial support levels are seen at 117.74 and 117.33 levels.
- Initial resistance levels are seen at 118.43 and 118.71 mark.
