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Japanese Yen Reverses Its Losses In The Asian Session

By ForexJul 04, 2014 06:08AM GMT Add a Comment
 
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USD/JPY Daily Chart
USD/JPY Daily Chart

For the 24 hours to 23:00 GMT, the USD strengthened 0.42% against the JPY and closed at 102.21, after data indicated that the US economy added more-than-expected private sector jobs in June, while the unemployment rate unexpectedly fell in the same period.

In the Asian session, at GMT0300, the pair is trading at 102.14, with the USD trading 0.07% lower from yesterday’s close.

The pair is expected to find support at 101.86, and a fall through could take it to the next support level of 101.59. The pair is expected to find its first resistance at 102.35, and a rise through could take it to the next resistance level of 102.57.

With the US closed for holiday today and no economic releases from Japan, trading trends would be determined by global factors.

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

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