Japanese Yen Trading Higher This Morning
GCI Financial | Oct 27, 2014 02:15AM ET
On Friday, the USD weakened 0.08% against the JPY and closed at 108.10.
In the Asian session, at GMT0400, the pair is trading at 108.01, with the USD trading 0.08% lower from Friday’s close.
Early this morning, data from Japan indicated that, the corporate service price index in the nation registered a rise of 3.5% on a YoY basis in September, at par with market expectations and following a similar rise recorded in the previous month.
The pair is expected to find support at 107.76, and a fall through could take it to the next support level of 107.51. The pair is expected to find its first resistance at 108.28, and a rise through could take it to the next resistance level of 108.54.
Going forward investors look forward to Japan’s retail trade data, scheduled overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading slightly above its 50 Hr moving average.
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