Japanese Yen Trading On A Weaker Footing This Morning
GCI Financial | Jan 13, 2015 01:33AM ET
For the 24 hours to 23:00 GMT, the USD traded a tad higher against the JPY and closed at 118.38.
In the Asian session, at GMT0400, the pair is trading at 118.01, with the USD trading 0.32% lower from yesterday’s close.
Data just released indicated that, Japan’s Eco Watchers survey for the current situation recorded a rise to 45.2 in December, higher than market expectations of an advance to 44.0, while survey for the future outlook advanced to 46.7 in December, compared to previous month’s reading of 44.0.
Overnight data showed that, Japan’s current account surplus narrowed to ¥433.0 billion in November, after registering a surplus of ¥833.4 billion in October, while markets expectations were for it to fall to ¥139.50 billion. Meanwhile, the nation’s trade deficit declined to ¥636.80 billion in November, compared to a deficit of ¥766.60 billion registered in the prior month.
The pair is expected to find support at 117.39, and a fall through could take it to the next support level of 116.76. The pair is expected to find its first resistance at 118.98, and a rise through could take it to the next resistance level of 119.95.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
Japanese Yen Trading On A Weaker Footing This Morning
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