Japanese Yen Trading On A Weaker Footing This Morning
GCI Financial | Feb 26, 2015 01:18AM ET
For the 24 hours to 23:00 GMT, the USD weakened 0.10% against the JPY and closed at 118.85.
In the Asian session, at GMT0400, the pair is trading at 118.95, with the USD trading 0.08% higher from yesterday’s close.
Earlier today, the BoJ Board member, Koji Ishida stated that the central bank should not further ease its monetary policy just to attain its 2% inflation target.
The pair is expected to find support at 118.68, and a fall through could take it to the next support level of 118.42. The pair is expected to find its first resistance at 119.16, and a rise through could take it to the next resistance level of 119.38.
Looking ahead, market participants await Japan’s crucial national CPI and jobless rate data, scheduled overnight for further cues.
The currency pair is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
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