Fundamental Analysis

Japanese Yen Trading Lower This Morning

Typography

For the 24 hours to 23:00 GMT, the USD declined 0.42% against the JPY and closed at 112.56.

On the data front, Japan’s final machine tool orders climbed 45.0% YoY in September, and revised lower from a preliminary print indicating a gain of 45.3%. Machine tool orders had risen 36.2% in the prior month.

In the Asian session, at GMT0300, the pair is trading at 113.21, with the USD trading 0.58% higher against the JPY from yesterday’s close.

The pair is expected to find support at 112.57, and a fall through could take it to the next support level of 111.93. The pair is expected to find its first resistance at 113.58, and a rise through could take it to the next resistance level of 113.95.

Looking ahead, a speech by the BoJ Governor, Haruhiko Kuroda, due in a few hours, will be eyed by traders. Also, market participants will closely monitor Japanese general election, due over the weekend, wherein the Japanese Prime Minister, Shinzo Abe’s ruling party is expected to secure a majority.

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

Author: GCI FinancialWebsite: http://www.gcitrading.com/
GCI Financial
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