Japanese Yen Extends Its Gains In The Asian Session
GCI Financial | Dec 10, 2014 01:51AM ET
For the 24 hours to 23:00 GMT, the USD weakened 0.81% against the JPY and closed at 119.63.
Yesterday, data from Japan showed that the nation’s machine tool orders rose 36.6% on an annual basis in November, after advancing 30.8% in October.
In the Asian session, at GMT0400, the pair is trading at 119.29, with the USD trading 0.28% lower from yesterday’s close.
In economic news, Japan’s consumer confidence index dropped to a level of 37.7 in November, after registering a reading of 38.9 in the prior month. Meanwhile, business survey index (BSI) of large manufacturing industries recorded a rise of 8.1% in 4Q 2014. In the prior quarter, the index had recorded a rise of 12.7%.
The pair is expected to find support at 117.84, and a fall through could take it to the next support level of 116.4. The pair is expected to find its first resistance at 120.83, and a rise through could take it to the next resistance level of 122.36.
Going forward, investors await Japan’s machine orders and tertiary industry index data, scheduled in the late hours today.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
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