Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Japanese Yen Trading On A Weaker Footing In The Morning Session

Published 12/07/2017, 03:49 AM
Updated 03/09/2019, 08:30 AM

USDJPY Movement

For the 24 hours to 23:00 GMT, the USD declined 0.29% against the JPY and closed at 112.24.

In the Asian session, at GMT0400, the pair is trading at 112.38, with the USD trading 0.12% higher against the JPY from yesterday’s close.

Earlier today, data showed that Japan’s preliminary leading economic index fell to a level of 106.1 in October, meeting market expectations. The index had recorded a level of 106.4 in the previous month. On the contrary, the nation’s flash coincident index unexpectedly climbed to a level of 116.5 in October, after registering a level of 116.2 in the prior month and defying market consensus for the index to record a steady reading.

The pair is expected to find support at 112.08, and a fall through could take it to the next support level of 111.79. The pair is expected to find its first resistance at 112.58, and a rise through could take it to the next resistance level of 112.79.

Moving ahead, Japan’s final 3Q GDP numbers along with trade balance (BOP basis) for October, scheduled to release overnight, will be on investors’ radar.

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

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.