Japanese Yen Extends Its Gains This Morning
GCI Financial | Sep 23, 2014 01:15AM ET
For the 24 hours to 23:00 GMT, the USD weakened 0.21% against the JPY and closed at 108.77.
In economic news, Japanese convenience store sales slid 2.4%, on an annual basis, in August, after registering a fall of 0.7% in the previous month.
In the Asian session, at GMT0300, the pair is trading at 108.76, with the USD trading tad lower from yesterday’s close.
The pair is expected to find support at 108.5, and a fall through could take it to the next support level of 108.24. The pair is expected to find its first resistance at 109.11, and a rise through could take it to the next resistance level of 109.47.
Amid a national holiday in Japan, investor sentiments would be governed by economic news from other nations.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
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