Japanese Yen Trading Higher This Morning
GCI Financial | Oct 15, 2014 01:53AM ET
For the 24 hours to 23:00 GMT, the USD strengthened 0.22% against the JPY and closed at 107.25.
In the Asian session, at GMT0300, the pair is trading at 107.08, with the USD trading 0.16% lower from yesterday’s close.
Data just released indicated that industrial production in Japan eased 1.9% on a monthly basis in August, after registering a rise of 0.4% in the previous month.
Earlier today, Japanese Economics Minister Akira Amari urged that the government is not initiating any policy which would intentionally weaken the Yen. He further added that any negative consequences from increasing import prices in the nation should be strictly monitored.
The pair is expected to find support at 106.69, and a fall through could take it to the next support level of 106.31. The pair is expected to find its first resistance at 107.44, and a rise through could take it to the next resistance level of 107.81.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
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