Japanese Yen Trading Lower In The Morning Session
GCI Financial | Oct 09, 2015 02:07AM ET
For the 24 hours to 23:00 GMT, the USD weakened marginally against the JPY and closed at 119.91.
Yesterday, data indicated that Japan’s outlook index of Eco watchers survey rose to a level of 49.1 in September, from a reading of 48.2 in August, exceeding expectations for a reading of 48.3. On the other hand, the Eco watchers current index for the same period, fell by 1.8 points to an eight-month low reading of 47.5 in September, from a level of 49.3, thus hitting, while investors had expected a reading of 49.0.
In the Asian session, at GMT0300, the pair is trading at 119.96, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 119.71, and a fall through could take it to the next support level of 119.45. The pair is expected to find its first resistance at 120.13, and a rise through could take it to the next resistance level of 120.29.
Moving ahead, Japan’s consumer confidence index and flash machine tool orders data, both for the month of September, scheduled to release next week, is expected to attract a lot of market attention.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
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