Japanese Yen Reversed Its Gains In The Asian Session
GCI Financial | Jan 11, 2017 03:53AM ET
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For the 24 hours to 23:00 GMT, the USD declined 0.07% against the JPY and closed at 115.83.
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In the Asian session, at GMT0400, the pair is trading at 116.00, with the USD trading 0.15% higher against the JPY from yesterday’s close.
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Early morning data showed that Japan’s preliminary leading index advanced more-than-expected to a level of 102.7 in November, compared to a reading of 100.8 in the previous month. Further, the nation’s flash coincident index climbed higher-than-anticipated to a level of 115.1 in November, following a reading of 113.5 in the preceding month.
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The pair is expected to find support at 115.34, and a fall through could take it to the next support level of 114.68. The pair is expected to find its first resistance at 116.50, and a rise through could take it to the next resistance level of 117.00.
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Looking ahead, investors will closely monitor Japan’s trade balance (BOP basis) for November accompanied with adjusted merchandise trade balance and Eco-Watchers survey, both for December, scheduled to release overnight.
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The currency pair is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
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