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Technical analysis by Citigroup revealed that the 200-week moving average is 112.17, reports Bloomberg.
Shyam Devani, an analyst at the firm, commented: "If the move this year is going to be as aggressive as that seen in 2008 then an extended target would be 104."
At 08:29 in Singapore, the Bloomberg-JPMorgan Asia Dollar Index was up 0.2 per cent, but since reaching a 14-year high on July 27th, it has fallen by 4.4 per cent.
The index revealed that over the course of the year, the value of the ten most active currencies in the region dipped by 1.3 per cent.
Tsutomu Soma, senior manager at Okasan Securities told Reuters that there are fears among those involved in forex trading that the euro/yen will drop further this year.
Posted by Greg Secker
