Japanese Yen Extends Its Gains In The Asian Session
GCI Financial | Oct 02, 2014 02:55AM ET
For the 24 hours to 23:00 GMT, the USD weakened 0.51% against the JPY and closed at 109.07.
In economic news, vehicle sales in Japan slid 2.8% on an annual basis in September, compared to a fall of 5.0% in August.
In the Asian session, at GMT0300, the pair is trading at 108.71, with the USD trading 0.32% lower from yesterday’s close.
Earlier today, the BoJ reported that the monetary base advanced 35.3% on a YoY basis, in September, following 40.5% increase registered in the previous month.
The pair is expected to find support at 108.22, and a fall through could take it to the next support level of 107.72. 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 110.59.
Trading trends in the Yen would be determined by Japan’s services PMI, scheduled in the early hours tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
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