Japanese Economy Slipped Into Recession In Q3
GCI Financial | Nov 17, 2014 01:08AM ET
On Friday, the USD strengthened 0.42% against the JPY and closed at 116.27, following upbeat economic releases from the US.
In the Asian session, at GMT0400, the pair is trading at 115.85, with the USD trading 0.36% lower from Friday’s close.
Overnight data indicated that, Japanese economy unexpectedly shrank 0.4% on a quarterly basis in Q3 2014, registering a second consecutive quarter of contraction, thus indicating that the world’s third largest economy entered into recession.
The pair is expected to find support at 115.18, and a fall through could take it to the next support level of 114.51. The pair is expected to find its first resistance at 116.8, and a rise through could take it to the next resistance level of 117.74.
Going forward, investors look forward to the BoJ’s crucial monetary policy statement, scheduled on Wednesday.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
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