HomeContributorsFundamental AnalysisJapanese Yen Reverses Its Losses In The Morning Session

Japanese Yen Reverses Its Losses In The Morning Session

For the 24 hours to 23:00 GMT, the USD rose 0.89% against the JPY and closed at 109.70.

In the Asian session, at GMT0400, the pair is trading at 109.33, with the USD trading 0.34% lower against the JPY from yesterday’s close.

Earlier today, data indicate that Japan’s flash leading economic index eased more-than-anticipated to a level of 107.9 in December, compared to a reading of 108.3 in the prior month, while investors had envisaged for a fall to a level of 108.1. On the contrary, the nation’s preliminary coincident index advanced to a level of 120.7 in December, surpassing market expectations for a rise to a level of 120.5. The index had recorded a level of 117.9 in the previous month.

The pair is expected to find support at 108.62, and a fall through could take it to the next support level of 107.91. The pair is expected to find its first resistance at 109.88, and a rise through could take it to the next resistance level of 110.43.

Going ahead, investors would closely monitor Japan’s trade balance (BOP basis) for December and the Eco-Watchers survey for January, both due to release overnight.

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

GCI Financial
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.

Featured Analysis

Learn Forex Trading