INV: Japanese Yen Trading Higher In The Asian Session
For the 24 hours to 23:00 GMT, the USD weakened 0.26% against the JPY and closed at 120.15.
In the Asian session, at GMT0300, the pair is trading at 119.63, with the USD trading 0.43% lower from yesterday’s close.
Earlier today, data indicated that labour cash earnings in Japan rebounded less than anticipated by 0.6% on an annual basis in July, compared to prior month’s drop of 2.5%. Meanwhile, real cash earnings in the nation rose 0.3% YoY in July, following a 3.0% fall.
The pair is expected to find support at 119.17, and a fall through could take it to the next support level of 118.72. The pair is expected to find its first resistance at 120.40, and a rise through could take it to the next resistance level of 121.17.
Going ahead, investors will keenly wait for the release for Japan’s Q2 GDP figures, due in the next week.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
