Technical analysis suggests that the euro could fall to a three-month low against the yen. Both the Stochastic Oscillator and the Moving Average Convergence / Divergence (MACD) indicators point to a lower euro which traded at 133.55 yen as of 8:54 a.m. in Tokyo, from 133.32 yen yesterday in New York. It reached 129.05 yen on Oct. 2, the lowest level since July 13, when the single currency reached 128.01.
Ã¢â‚¬Å“The key to ascertaining the trend for the following months is whether the euro can recover to 134 yen,Ã¢â‚¬Â Hashimoto said. Ã¢â‚¬Å“A failure to reach the level may create opportunities for further declines, possibly pushing the currency toward the 52-week moving average or the bottom line of Bollinger bands.Ã¢â‚¬Â
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