Japanese Yen Trading On A Weaker Footing This Morning
GCI Financial | May 12, 2015 02:19AM ET
For the 24 hours to 23:00 GMT, the USD strengthened 0.26% against the JPY and closed at 120.13.
In the Asian session, at GMT0300, the pair is trading at 120.18, with the USD trading a tad higher from yesterday’s close.
Overnight data showed that Japan’s foreign reserves widened to $1,250.1 billion in April, from prior month’s level of $1245.3 billion.
The pair is expected to find support at 119.91, and a fall through could take it to the next support level of 119.65. The pair is expected to find its first resistance at 120.33, and a rise through could take it to the next resistance level of 120.48.
Trading trends in the Yen today are expected to be determined by the preliminary estimate of Japan’s leading economic and coincident indices data, scheduled in few hours.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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