Daily Forex Fundamentals |
Written by GCI Financial |
Jul 25 13 05:00 GMT
USD/JPY: Japanese Yen Holds Gain Before Domestic CPI Data
For the 24 hours to 23:00 GMT, the USD strengthened 0.89% against the JPY and closed at 100.42.
In the Asian session, at GMT0300, the pair is trading at 100.16, with the USD trading 0.26% lower from yesterday’s close.
In Japan, the corporate service prices index rose 0.4% (YoY) to a reading of 96.3 in June, missing expectations of a 0.6% rise and following a 0.3% gain in the previous month.
The pair is expected to find support at 99.70, and a fall through could take it to the next support level of 99.24. The pair is expected to find its first resistance at 100.55, and a rise through could take it to the next resistance level of 100.93.
Japanese Yen is expected to take further cues from the outcome of the domestic consumer prices data later today.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.