Japanese Yen Trading Higher In The Asian Session
GCI Financial | Jul 08, 2015 04:58AM ET
For the 24 hours to 23:00 GMT, the USD weakened 0.06% against the JPY and closed at 122.53.
In the Asian session, at GMT0300, the pair is trading at 122.18, with the USD trading 0.28% lower from yesterday’s close.
Overnight data showed that Japan’s trade deficit unexpectedly decreased to ¥47.3 billion in May, following a trade deficit of ¥146.2 billion in the preceding month. Meanwhile, total current account surplus expanded more than anticipated to ¥1,880.9 billion in May, compared to previous month’s surplus of ¥1,326.4 billion.
The pair is expected to find support at 121.80, and a fall through could take it to the next support level of 121.42. The pair is expected to find its first resistance at 122.73, and a rise through could take it to the next resistance level of 123.28.
Moving ahead, market participants await the release of Japan’s Eco watcher’s survey data, scheduled in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
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