Japanese Yen Extends Its Gains In The Asian Session
GCI Financial | Sep 30, 2014 02:18AM ET
For the 24 hours to 23:00 GMT, the USD weakened 0.06% against the JPY and closed at 109.40.
In the Asian session, at GMT0300, the pair is trading at 109.27, with the USD trading 0.12% lower from yesterday’s close.
Earlier today, data indicated that unemployment rate in Japan unexpectedly dropped to 3.5% in August, registering a 16-year low, lower than market expectations to rise to 3.8% and following a similar level registered in the previous month. Meanwhile, industrial production in Japan unexpectedly eased 1.5% on a monthly basis in August, less than market expectations for an advance of 0.2% and compared to 0.4% rise registered in the previous month. Also, house hold spending dropped 4.7% on an annual basis in August, higher than market expectations for a decline of 3.6%, after easing 5.9% in the previous month.
Additionally, retail trade of the country advanced 1.2%, on an annual basis, in August, exceeding market expectations for an increase of 0.1%. It had risen 0.6% in the previous month. Moreover, the nation’s large retailer’s sales rebounded strongly to 1.6% in August.
The pair is expected to find support at 109.01, and a fall through could take it to the next support level of 108.75. The pair is expected to find its first resistance at 109.65, and a rise through could take it to the next resistance level of 110.02.
Ahead in the day, investors await housing data from Japan.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
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