Japanese Yen Reverses Its Losses This Morning
GCI Financial | Aug 26, 2014 02:04AM ET
For the 24 hours to 23:00 GMT, the USD strengthened 0.16% against the JPY and closed at 104.05, following soft economic releases from the US.
Over the weekend, the BoJ Governor, Haruhiko Kuroda, opined that the Japanese economy would still need its ultra-easy stimulus measure for some more time in order to get rid of deflation.
In the Asian session, at GMT0300, the pair is trading at 103.82, with the USD trading 0.22% lower from yesterday’s close.
Data released early this morning indicated that, the Japanese corporate service price index advanced 3.7%, on an annual basis, at par with market expectations, and compared to a rise of 3.6% in the previous month.
The pair is expected to find support at 103.67, and a fall through could take it to the next support level of 103.51. The pair is expected to find its first resistance at 104.13, and a rise through could take it to the next resistance level of 104.44.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
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