Japanese Yen Trading On A Stronger Footing This Morning
GCI Financial | Oct 24, 2014 02:36AM ET
For the 24 hours to 23:00 GMT, the USD strengthened 0.95% against the JPY and closed at 108.18.
In the Asian session, at GMT0300, the pair is trading at 108.03, with the USD trading 0.14% lower from yesterday’s close.
This morning, Japan’s Finance Minister Taro Aso stated that at present the nation’s government is aiming to raise its inflation levels and not doing anything to weaken the Yen.
The pair is expected to find support at 107.32, and a fall through could take it to the next support level of 106.60. The pair is expected to find its first resistance at 108.56, and a rise through could take it to the next resistance level of 109.08.
Meanwhile, market participants look forward to Japan’s retail trade data, scheduled next week.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
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