Japanese Yen Trading On A Weaker Footing In The Asian Session
GCI Financial | Mar 31, 2015 02:55AM ET
For the 24 hours to 23:00 GMT, the USD strengthened 0.70% against the JPY and closed at 120.07
In the Asian session, at GMT0300, the pair is trading at 120.09, with the USD trading a tad higher from yesterday’s close.
Early morning data indicated that vehicle production in Japan dropped 5.3% on an annual basis in February. It had eased 9.7% in the previous month.
The pair is expected to find support at 119.38, and a fall through could take it to the next support level of 118.66. The pair is expected to find its first resistance at 120.59, and a rise through could take it to the next resistance level of 121.09.
Trading trends in the Japanese yen today are expected to be determined by Tankan large manufacturing outlook data, scheduled overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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