Japanese Yen Extends Its Gains In The Asian Session
GCI Financial | Oct 28, 2014 02:57AM ET
For the 24 hours to 23:00 GMT, the USD weakened 0.31% against the JPY and closed at 107.83.
In the Asian session, at GMT0400, the pair is trading at 107.8, with the USD trading a tad lower from yesterday’s close.
Overnight data indicated that, Japan’s retail trade registered a rise of 2.3% on an annual basis in September, registering its biggest gain since March and exceeding market expectations for an increase of 0.8%. It had risen 1.2% in the prior month. Meanwhile, large retailers sales in the nation advanced 0.5% in September, lower than market expected rise of 0.7% and compared to 1.6% increase registered in August.
Separately, the BoJ Governor, Haruhiko Kuroda cautioned that postponing next year’s second stage of sales tax hike would dent investor optimism in Japanese economy.
The pair is expected to find support at 107.57, and a fall through could take it to the next support level of 107.34. The pair is expected to find its first resistance at 108.06, and a rise through could take it to the next resistance level of 108.33.
Trading trends in the Yen today are expected to be determined by Japan’s small business confidence, scheduled in a few hours.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
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