Fundamental Analysis

Japanese Prime Minister Retains Two-Third Majority In National Elections

Typography

For the 24 hours to 23:00 GMT, the USD rose 0.84% against the JPY and closed at 113.51 on Friday.

In the Asian session, at GMT0300, the pair is trading at 113.75, with the USD trading 0.21% higher against the JPY from Friday’s close, following the outcome of a snap election in Japan.

The Japanese Prime Minister, Shinzo Abe’s ruling coalition secured a resounding victory after winning 312 out of 465 seats at Sunday’s election.

The pair is expected to find support at 113.18, and a fall through could take it to the next support level of 112.61. The pair is expected to find its first resistance at 114.21, and a rise through could take it to the next resistance level of 114.67.

Moving ahead, traders would focus on Japan’s flash Nikkei manufacturing PMI for October, slated to release overnight.

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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