Japanese Yen showing convergence with its MA’s
GCI Financial | Jul 14, 2014 02:47AM ET
On Friday, the USD strengthened 0.11% against the JPY and closed at 101.38.
In the Asian session, at GMT0300, the pair is trading at 101.35, with the USD trading marginally lower from Friday’s close.
This morning, economic data just released out of Japan, indicated that the seasonally adjusted industrial production, on a monthly basis, rose 0.7% in May, as compared to 2.8% decline reported in the previous month. Separately, the capacity utilisation dropped 0.7% in May, after declining 2.2% in the previous month.
The pair is expected to find support at 101.23, and a fall through could take it to the next support level of 101.11. The pair is expected to find its first resistance at 101.45, and a rise through could take it to the next resistance level of 101.55.
With a lack of economic release scheduled today, trading trends in the pair would be determined by external factors.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
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