Japanese Yen Trading On A Stronger Footing This Morning
GCI Financial | Jun 29, 2015 03:02AM ET
On Friday, the USD strengthened 0.18% against the JPY and closed at 123.80, after the final print of the US consumer sentiment index advanced in June.
In the Asian session, at GMT0300, the pair is trading at 123.05, with the USD trading 0.6% lower from Friday’s close.
Overnight data showed that the flash industrial production in Japan retreated 2.2% MoM in May, higher than market expected fall of 0.8% and following an increase of 1.2% in April. Meanwhile, the nation’s seasonally adjusted retail trade advanced more than expected by 1.7% MoM in May, following a 0.3% revised gain recorded in the preceding month.
In the week ahead, BoJ’s Tankan Q2 business survey would be the main event for Yen traders.
The pair is expected to find support at 122.11, and a fall through could take it to the next support level of 121.16. The pair is expected to find its first resistance at 124.00, and a rise through could take it to the next resistance level of 124.95.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
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