Japanese Yen Trading On A Stronger Footing This Morning
GCI Financial | Apr 20, 2015 02:47AM ET
On Friday, the USD weakened 0.11% against the JPY and closed at 118.88.
In the Asian session, at GMT0300, the pair is trading at 118.85, with the USD trading marginally lower from Friday’s close.
Overnight data indicated that the tertiary industry index in Japan rose 0.30% MoM in February. The index had recorded a revised rise of 0.70% in the previous month.
Over the weekend, the BoJ Governor, Haruhiko Kuroda stated that the central bank’s massive program of expansionary monetary policy was working as originally intended to overcome deflation in the nation.
The pair is expected to find support at 118.51, and a fall through could take it to the next support level of 118.18. The pair is expected to find its first resistance at 119.23, and a rise through could take it to the next resistance level of 119.61.
Going forward, investors await the release of Japan’s leading economic and coincident indices data, scheduled tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
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