Japanese Yen Trading On A Weaker Footing This Morning
GCI Financial | Apr 29, 2015 03:40AM ET
For the 24 hours to 23:00 GMT, the USD weakened 0.22% against the JPY and closed at 118.83, after the US consumer confidence unexpectedly fell in April.
In the Asian session, at GMT0300, the pair is trading at 118.86, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 118.69, and a fall through could take it to the next support level of 118.52. The pair is expected to find its first resistance at 119.09, and a rise through could take it to the next resistance level of 119.33.
With no economic releases in Japan today to trigger trading in the currency pair, investors will focus on tomorrow’s BoJ meeting as well as data on industrial production, inflation and employment later this week, for more cues on the economy’s performance for the first quarter.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
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