Yen Trading Lower This Morning, Amid Mixed Economic Data From Japan
GCI Financial | Aug 28, 2015 02:58AM ET
For the 24 hours to 23:00 GMT, the USD rose 0.62% against the JPY and closed at 121.05.
In the Asian session, at GMT0300, the pair is trading at 121.09, with the USD trading marginally higher from yesterday’s close.
Overnight data revealed that Japan’s national CPI rose 0.20% YoY in July, at par with market expectations. Large retailer’s sales in the country rose 2.10% MoM in July, also meeting market expectations, while the retail trade advanced more than expected by 1.20% MoM in Japan for the same month. Meanwhile, unemployment rate in Japan fell to 3.3% in July from 3.4% in June. Japanese household spending in July unexpectedly dropped 0.20%.
The pair is expected to find support at 120.12, and a fall through could take it to the next support level of 119.14. The pair is expected to find its first resistance at 121.74, and a rise through could take it to the next resistance level of 122.38.
As no economic data is due to come out from Japan today, investors would now shift their focus to industrial production for July, due to release over the weekend.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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