Japanese Yen Trading Higher In The Asian Session
GCI Financial | Mar 04, 2015 02:47AM ET
For the 24 hours to 23:00 GMT, the USD weakened 0.42% against the JPY and closed at 119.69.
In the Asian session, at GMT0400, the pair is trading at 119.65, with the USD trading marginally lower from yesterday’s close.
Early morning data showed that Japan’s Markit services PMI fell into contraction territory, after registering a level of 48.5 in February and compared to prior month’s reading of 51.3.
The pair is expected to find support at 119.37, and a fall through could take it to the next support level of 119.1. The pair is expected to find its first resistance at 119.93, and a rise through could take it to the next resistance level of 120.21.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
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