Mon, Nov 30, 2020 @ 17:23 GMT
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Japanese Yen Trading On A Stronger Footing This Morning

For the 24 hours to 23:00 GMT, the USD declined 0.35% against the JPY and closed at 106.60 on Friday.

In the Asian session, at GMT0300, the pair is trading at 106.55, with the USD trading 0.05% lower against the JPY from Friday’s close.

On the data front, Japan’s annualised gross domestic product plunged 27.8% in 2Q 2020, more than market expectations for a drop of 27.2% and compared to a fall of 2.2% in the previous quarter.

The pair is expected to find support at 106.33, and a fall through could take it to the next support level of 106.12. The pair is expected to find its first resistance at 106.87, and a rise through could take it to the next resistance level of 107.20.

Moving ahead, traders would keep a watch on Japan’s industrial production for June, slated to release in a few hours.

The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

GCI Financialhttp://www.gcitrading.com/
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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