Japanese Yen Reverses Its Losses In The Asian Session
GCI Financial | Aug 27, 2014 01:39AM ET
For the 24 hours to 23:00 GMT, the USD traded tad higher against the JPY and closed at 104.09.
In economic news, the Japanese small business confidence index fell to 47.7 in August, compared to market expectations of a rise to a level of 49.5. This follows a reading of 48.7, registered in the previous month.
In the Asian session, at GMT0300, the pair is trading at 104.04, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 103.8, and a fall through could take it to the next support level of 103.55. The pair is expected to find its first resistance at 104.24, and a rise through could take it to the next resistance level of 104.44.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
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