Japanese Yen Reverses Its Losses In The Asian Session
GCI Financial | Apr 28, 2015 01:51AM ET
For the 24 hours to 23:00 GMT, the USD strengthened 0.17% against the JPY and closed at 119.10.
In the Asian session, at GMT0300, the pair is trading at 119.08, with the USD trading marginally lower from yesterday’s close.
Early morning data showed that Japan’s seasonally adjusted retail trade surprisingly plunged 1.9% MoM in March, reversing market expectations for a 0.6% rise and compared to an increase of 0.7% registered in the prior month.
The pair is expected to find support at 118.81, and a fall through could take it to the next support level of 118.53. The pair is expected to find its first resistance at 119.40, and a rise through could take it to the next resistance level of 119.72.
Looking ahead, the BoJ’s interest rate decision, scheduled later in the week would generate lot of market attention.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
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