Japanese Yen Trading On Weaker Footing This Morning
GCI Financial | Nov 24, 2014 01:30AM ET
On Friday, the USD weakened 0.42% against the JPY and closed at 117.76.
In the Asian session, at GMT0400, the pair is trading at 117.83, with the USD trading 0.06% higher from Friday’s close.
The pair is expected to find support at 117.43, and a fall through could take it to the next support level of 117.03. The pair is expected to find its first resistance at 118.18, and a rise through could take it to the next resistance level of 118.53.
On account of a national holiday in Japan today, trading trends in the pair would be determined by global macroeconomic news.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
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