The Japanese yen is forecast to dip in value against the South Korean won after having marked gains as of late, Bloomberg reports a technical analysis states.
The currency of Japan has climbed roughly 6.7 percent against the won, distinguishing itself as the top-performing of the yen's top 31 rivals followed by the media outlet. The yen marked its two-month high against the won on Tuesday.
"The rapid yen-won rise which has seen it breaching some key resistance levels recently is starting to look overdone on the RSI," analyst Junichi Ishikawa with IG Markets in Tokyo told the news source on Wednesday. "If the yen fails to break its 200-day moving average or above the significant 11 level, that may signal a reversal to a weakening trend. It could test 10 if it breaches its 21-day moving average which has been acting as a support since the beginning of this year."
Since January 22, the Japanese yen has remained near or barely above the Bollinger Band, a technical level developed in the late 1980s, the news source reports.
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