Japanese Yen Trading Lower Ahead Of Japan’s Leading Economic Index Data
GCI Financial | Oct 20, 2014 02:09AM ET
On Friday, the USD strengthened 0.44% against the JPY and closed at 106.90.
In the Asian session, at GMT0300, the pair is trading at 107.14, with the USD trading 0.22% higher from Friday’s close.
Early this morning, the BoJ Governor, Haruhiko Kuroda stated that the Japanese economy is recovering moderately, despite the nation still suffering from sluggish exports. Further he added that the impact of April sales tax hike on the economy would gradually wane away and reiterated that the central bank would continue with its quantitative easing (QE) program, until 2% inflation target is not met.
The pair is expected to find support at 106.43, and a fall through could take it to the next support level of 105.72. The pair is expected to find its first resistance at 107.55, and a rise through could take it to the next resistance level of 107.96.
Trading trends in the Yen today are expected to be determined by Japan’s leading economic and coincident indices data, scheduled in a few hours.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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