Expect Japanese Yen to trade higher today: Angel

Angel Broking's report on rupee

JPY/INR

The Japanese Yen depreciated by 0.15 percent yesterday as investors remain cautious ahead of BOJ review on rates.

However, weaker dollar after the release of disappointing U.S. data which raised concerns that US economic recovery is losing momentum. Also, growing concern that Greece may default on debts increased the demand for the safe-haven assets which provided support to the currency. The currency made an intraday low of 119.36 and closed at 119.02 on Wednesday.

Japan’s Prelim Industrial Production for the month of March increased by 0.3 percent as compared to -3.1 percent in February.

Outlook

Japanese Yen is expected to trade higher today owing to rise in risk aversion in the market sentiments, thereby providing support to the safe haven currency. Also, weakness in the US Dollar Index will be supportive for the currency.

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