Japanese Yen Reverses Its Losses This Morning
GCI Financial | Sep 25, 2014 02:09AM ET
For the 24 hours to 23:00 GMT, the USD strengthened 0.33% against the JPY and closed at 109.19.
In the Asian session, at GMT0300, the pair is trading at 109.17, with the USD trading tad lower from yesterday’s close.
Earlier today, data indicated that the Japanese corporate service price index rose 3.5%, on an annual basis, in August, lower than market expectations for a 3.7% gain and compared to a revised increase registered in the previous month.
The pair is expected to find support at 108.66, and a fall through could take it to the next support level of 108.14. The pair is expected to find its first resistance at 109.52, and a rise through could take it to the next resistance level of 109.87.
Going forward, investors would await Japan’s crucial CPI data, scheduled in the early hours tomorrow.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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