Japanese Yen Extends Its Gains In The Asian Session
GCI Financial | Jul 13, 2015 03:13AM ET
On Friday, the USD weakened 0.89% against the JPY and closed at 122.83.
In the Asian session, at GMT0300, the pair is trading at 122.62, with the USD trading 0.17% lower from yesterday’s close.
Earlier today, data showed that the final estimate of industrial production in Japan retreated 2.1% MoM in May, following a decrease of 2.2% in April. Meanwhile, the tertiary industry index eased more than expected by 0.7% on a monthly basis in May, compared to a revised drop of 0.1% in April.
The pair is expected to find support at 121.92, and a fall through could take it to the next support level of 121.21. The pair is expected to find its first resistance at 123.11, and a rise through could take it to the next resistance level of 123.59.
Meanwhile, the BoJ’s monetary policy statement, scheduled to release on Wednesday, would keep investors on their toes.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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