Japanese Yen Trading Higher This Morning
GCI Financial | Jul 07, 2014 02:06AM ET
On Friday, the USD weakened 0.14% against the JPY and closed at 102.06.
On the macro front, Japan’s official reserves remained unchanged at $1,283.9 billion at the end of June 2014, compared to the reserves recorded at the end of May 2014.
In the Asian session, at GMT0300, the pair is trading at 102.15, with the USD trading 0.09% higher from Friday’s close.
The pair is expected to find support at 102.00, and a fall through could take it to the next support level of 101.86. The pair is expected to find its first resistance at 102.26, and a rise through could take it to the next resistance level of 102.37.
Investors would pay attention to the release of the leading and coincident indices from Japan to determine trading trends in the Yen.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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