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USD/JPY: Japanese Yen Trading Marginally Lower In The Morning Session Print E-mail
Daily Forex Fundamentals | Written by GCI Financial | Dec 07 16 08:00 GMT

USD/JPY: Japanese Yen Trading Marginally Lower In The Morning Session

For the 24 hours to 23:00 GMT, the USD rose 0.17% against the JPY and closed at 114.00.

In the Asian session, at GMT0400, the pair is trading at 114.01, with the USD trading a tad higher against the JPY from yesterday's close.

Earlier in the session, Japan's preliminary coincident index advanced less-than-expected to a level of 113.1 in October, compared to a reading of 112.7 in the prior month. Further, the nation's leading index rose less-than-anticipated to a level of 101.0 in October, following a reading of 100.3 in the preceding month.

The pair is expected to find support at 113.58, and a fall through could take it to the next support level of 113.15. The pair is expected to find its first resistance at 114.37, and a rise through could take it to the next resistance level of 114.73.

Investors would focus on Japan's final annualised GDP for the third quarter, (BOP basis) trade balance and Eco-watchers survey data, all scheduled to release overnight.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

 

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DISCLAIMER : GCI's Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained.

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