Yen Set to Advance to One-Month High on Fibonacci, Gaitame Says
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The yen is likely to strengthen to a one-month high against the U.S. currency, according to Gaitame Online Co., citing technical indicators.
Japan’s currency will appreciate to 106.80 per dollar, the 38.2 percent Fibonacci retracement of the drop from its Aug. 8 high of 101.51 to the Oct. 1 low of 110.09, should it break below the base line on the daily Ichimoku chart, said Masakazu Sato, a Tokyo-based currency adviser at Gaitame Online. The base line, which shows the average highs and the lows of the past 26 trading days, was at 107.39 today, data compiled by Bloomberg show.