Japanese Yen Trading Lower In The Asian Session, After Japan’s Services
GCI Financial | Sep 03, 2014 02:03AM ET
For the 24 hours to 23:00 GMT, the USD strengthened 0.77% against the JPY and closed at 105.12.
In the Asian session, at GMT0300, the pair is trading at 105.19, with the USD trading 0.07% higher from yesterday’s close.
Early morning data indicated that the Japanese services sector slipped into contraction, as the nation’s services PMI dropped to 49.9 in August, down from a level of 50.4, registered in the prior month. Meanwhile, Japan’s composite PMI climbed to 50.8 in August from 50.2 recorded in July.
The pair is expected to find support at 104.8, and a fall through could take it to the next support level of 104.41. The pair is expected to find its first resistance at 105.44, and a rise through could take it to the next resistance level of 105.68.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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