Japanese Yen Trading Higher In The Asian Session
GCI Financial | Jan 06, 2015 02:05AM ET
For the 24 hours to 23:00 GMT, the USD weakened 1.02% against the JPY and closed at 119.35.
In the Asian session, at GMT0400, the pair is trading at 119.28, with the USD trading 0.06% lower from yesterday’s close.
Earlier today, data showed that Japan’s monetary base recorded a rise of 38.2% on a YoY basis in December, compared to a rise of 36.7% registered in the previous month. Additionally, the nation’s services PMI climbed to a level of 51.7 in December, from prior month’s reading of 50.6.
The pair is expected to find support at 118.73, and a fall through could take it to the next support level of 118.19. The pair is expected to find its first resistance at 120.24, and a rise through could take it to the next resistance level of 121.20.
Amid lack of economic releases in Japan today, investor sentiment would be governed by global macroeconomic news.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
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