Japanese Yen Reverses Its Losses In The Asian Session
GCI Financial | Mar 03, 2015 05:17AM ET
For the 24 hours to 23:00 GMT, the USD strengthened 0.39% against the JPY and closed at 120.19.
In the Asian session, at GMT0400, the pair is trading at 119.73, with the USD trading 0.38% lower from yesterday’s close.
Earlier today, data released showed that labour cash earnings in Japan climbed 1.30% on an annual basis in January more than market expectations for an advance of 0.50%. Labour cash earnings had registered a revised similar pace of rise in December.
Overnight data indicated that monetary base in Japan climbed 36.70% YoY in February. It had climbed 37.40% in the previous month.
The pair is expected to find support at 119.45, and a fall through could take it to the next support level of 119.18. The pair is expected to find its first resistance at 120.14, and a rise through could take it to the next resistance level of 120.56.
Meanwhile, investors look forward to the release of Japan’s services PMI data, scheduled in the early hours tomorrow.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
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