Japanese Yen Trading On A Weaker Footing This Morning
GCI Financial | Jan 29, 2015 01:48AM ET
For the 24 hours to 23:00 GMT, the USD weakened 0.26% against the JPY and closed at 117.46.
In the Asian session, at GMT0400, the pair is trading at 117.94, with the USD trading 0.41% higher from yesterday’s close.
Early morning data indicated that, Japanese retail sales unexpectedly slid 0.3% on a MoM basis in December, lower than market expectations for a 0.3% rise and compared to 0.2% drop recorded in preceding month. Meanwhile, large retailer’s sales rose less than expected by 0.1% in December, against market forecasts for a 0.5% gain and following 1.1% increase posted in November.
The pair is expected to find support at 117.38, and a fall through could take it to the next support level of 116.82. The pair is expected to find its first resistance at 118.37, and a rise through could take it to the next resistance level of 118.80.
Looking ahead, market participants await Japan’s national CPI data, scheduled overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.