Charts Predict: Yen to Slip by End-Week
The yen is set to slip versus the dollar and euro throughout the week as the recent upswing in stock-market sentiment eases investors' fear, Max Knudsen, director of PIA - First.com, told CNBC.
"At the end of last week we reached this exhaustion point in selling dollar / yen, we had a big move up on Friday. I think we're running out of steam near 94 and a half, 95 (against the dollar)," Knudsen said.
"Dollar / yen is improving towards 97.54 and 99.47 for the week," he said.
"Sentiment is improving this week (for the euro versus the yen) and I'm looking for higher levels towards 125.96 and then 128.42, probably towards the end of the week," Knudsen said.
(Watch the full interview with Max Knudsen above).
"That's coinciding with the improvements in the stock market," he added.
The low-yielding Japanese currency has seen a dramatic rally in recent weeks in line with an increasingly gloomy outlook for the global economy.
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