Japanese Yen Extends Its Losses In The Asian Session
GCI Financial | Mar 10, 2015 03:48AM ET
For the 24 hours to 23:00 GMT, the USD strengthened 0.53% against the JPY and closed at 121.34.
Yesterday, data revealed that Japan’s Eco Watchers Survey for the current situation recorded a rise to 50.1 in February, compared to market expectations of an advance to 46.5. It had registered a reading of 45.6 in the previous month. Additionally, the nation’s Eco Watchers Survey for the future outlook climbed to 53.2 in February, following a level of 50.0 in the previous month.
In the Asian session, at GMT0400, the pair is trading at 121.81, with the USD trading 0.39% higher from yesterday’s close.
The pair is expected to find support at 120.97, and a fall through could take it to the next support level of 120.12. The pair is expected to find its first resistance at 122.35, and a rise through could take it to the next resistance level of 122.89.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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