Japanese Yen Trading On A Weaker Footing This Morning
GCI Financial | Mar 02, 2015 04:27AM ET
On Friday, the USD strengthened 0.26% against the JPY and closed at 0.26%.
The BoJ’s Deputy Governor, Governor Hiroshi Nakaso opined that Japan was back on a continued growth track and remained upbeat on achieving the central bank’s inflation target of 2%, amid improvement in the nation’s labour markets and increasing willingness of firms to raise wages.
In the Asian session, at GMT0400, the pair is trading at 119.86, with the USD trading 0.14% higher from Friday’s close.
Earlier today, data revealed that Japan’s Nomura manufacturing PMI fell to a reading of 51.6 in February, following a reading of 52.2 in the prior month.
The pair is expected to find support at 119.33, and a fall through could take it to the next support level of 118.79. The pair is expected to find its first resistance at 120.18, and a rise through could take it to the next resistance level of 120.50.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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