Japanese Yen Continues With Its Losses This Morning
GCI Financial | Aug 21, 2014 01:41AM ET
For the 24 hours to 23:00 GMT, the USD strengthened 0.78% against the JPY and closed at 103.72.
In economic news, convenience store sales fell 0.7%, on an annual basis in July, in Japan, compared to a fall of 1.9% in the prior month.
In the Asian session, at GMT0300, the pair is trading at 103.86, with the USD trading 0.13% higher from yesterday’s close.
Data released early this morning indicated that the manufacturing sector continued to expand in Japan, following a rise to 52.4 in August, compared to a level of 50.5 in the prior month. Markets were expecting it to climb to a level of 51.7.
The pair is expected to find support at 103.19, and a fall through could take it to the next support level of 102.51. The pair is expected to find its first resistance at 104.25, and a rise through could take it to the next resistance level of 104.65.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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