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COZfx: Yen extends its losses after consumer confidence inde

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COZfx: Yen extends its losses after consumer confidence inde

Postby dwang » Thu Sep 11, 2014 2:35 am

COZforex: For the past trading session, the USD strengthened 0.19% against the JPY and closed at 106.20. The Japanese Yen lost ground after the consumer confidence index in Japan unexpectedly eased to 41.2 in August, lower than market expectations for a rise to 42.3 and compared to a level of 41.5 registered in the previous month. In other economic data, machine tool orders in Japan climbed 35.6%, on an annual basis in August, against a 37.7% increase in July.
Earlier today, data indicated that machine orders in Japan rise 3.5%, on a monthly basis in July, lesser than market expectations for a rise of 4.0%, following an increase of 8.8% registered in the previous month. Additionally, Japan’s PPI unexpectedly dropped 0.2%, on a monthly basis in August.
Separately, the BoJ Deputy Governor, Kikuo Iwata, stated that the Japanese economy is on track and continues to recover moderately, amid increase in spending by households and companies ahead, as effects of April sales tax hike eases.
In technical analysis, COZforex senior currency strategist Ian • Quigley said, USD/JPY is predicted to find support at 106.02, and a drop through could take it to the next support line of 105.75. Meanwhile, the pair is predicted to find its first resistance at 106.52, and a rise through could take it to the next resistance line of 106.76.

(COZ forex UK)
dwang
 
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