Japanese yen

Japanese Yen Trading Lower In The Asian Session

USDJPY Movement

For the 24 hours to 23:00 GMT, the USD rose 0.53% against the JPY and closed at 107.31.

On the data front, Japan’s final machine tool orders recorded a rise of 48.8% on an annual basis in January, confirming the preliminary print. In the prior month, machine tool orders had recorded a rise of 48.3%.

In the Asian session, at GMT0400, the pair is trading at 107.81, with the USD trading 0.47% higher against the JPY from yesterday’s close.

The Japanese Yen lost ground against the USD, after overnight data showed that Japan’s flash manufacturing PMI eased to a level of 54.0 in February, declining for the first time in 4 months. In the previous month, the PMI had recorded a level of 54.8.

Earlier in the session, data indicated that the nation’s all industry activity index rose 0.5% on a monthly basis in December, topping market expectations for a rise of 0.4%. In the previous month, the all industry activity index had advanced 1.0%.

The pair is expected to find support at 107.05, and a fall through could take it to the next support level of 106.30. The pair is expected to find its first resistance at 108.23, and a rise through could take it to the next resistance level of 108.66.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

Disclaimer: GCI Weekly Highlights 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 Financial Ltd. assumes no responsibility or liability from gains or losses incurred by the information herein contained.


Leave a Reply

Your email address will not be published. Required fields are marked *


Adblock Detected

Please consider supporting us by disabling your ad blocker