Japanese Yen Trading Lower In The Asian Session
GCI Financial | Dec 01, 2014 02:08AM ET
On Friday, the USD strengthened 0.75% against the JPY and closed at 118.76.
In the Asian session, at GMT0400, the pair is trading at 118.92, with the USD trading 0.14% higher from Friday’s close.
Earlier today, data showed that Japan’s Markit manufacturing PMI eased to a level of 52.0 in November, compared to a reading of 52.1 registered in October.
Overnight data indicated that Japan’s capital spending unexpectedly advanced 5.5% on an annual basis in 3Q 2014, exceeding market expectations for a gain of 2.0% and following a 3.0% increase recorded in the prior month.
The pair is expected to find support at 118.31, and a fall through could take it to the next support level of 117.7. The pair is expected to find its first resistance at 119.29, and a rise through could take it to the next resistance level of 119.65.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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