Japanese Yen Trading Lower In The Asian Session
GCI Financial | Oct 23, 2014 02:12AM ET
For the 24 hours to 23:00 GMT, the USD strengthened 0.12% against the JPY and closed at 107.17, following upbeat inflation data from the US.
In the Asian session, at GMT0300, the pair is trading at 107.29, with the USD trading 0.11% higher from yesterday’s close.
Early morning data indicated that, Japan’s Markit manufacturing PMI unexpectedly rose to a level of 52.8 in October, up from previous month’s reading of 51.7 and compared to market expectations for a steady reading.
Separately, the IMF gave Japan the green signal to go ahead with a second sales tax hike next year in order to maintain credibility of the nation’s fiscal framework. The IMF further indicated that it expects the Japanese economy to register a 3.4% annualised growth in the July-September period.
The pair is expected to find support at 106.92, and a fall through could take it to the next support level of 106.55. The pair is expected to find its first resistance at 107.52, and a rise through could take it to the next resistance level of 107.76.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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