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COZfx: Yen trading on a lower footing this morning

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COZfx: Yen trading on a lower footing this morning

Postby dwang » Thu Aug 21, 2014 3:12 am

COZforex: For the past trading session, the USD strengthened 0.28% against the JPY and closed at 102.92.

In economic news, Japan’s leading index rise for more than expected in June to a reading of 105.9, followed by a reading of 104.8 in May. Meanwhile, the coincident index in the nation dropped to a level of 109.7 in June, from 111.2 in the previous month. In addition, the machine tool orders in Japan advanced 37.7% in July, on an annual basis, compared to a rise of 34.1%, in the prior month. On the other hand, Japanese nationwide department store sales registered a fourth straight fall easing 2.5% on an annual basis, in July, compared to a decline of 4.6%, a month ago.

Earlier this morning, data from Japan indicated that adjusted merchandise trade deficit in the nation narrowed to ¥1,023.8 billion in July, following a revised deficit of ¥1,067.8 billion in the previous month. In Japan, exports were up 3.9% and the imports climbed 2.3% in July. In addition, the industry activity index in the nation dropped 0.4% in June, at par with market expectations. In the previous month, it had risen 0.6%.

In technical analysis, COZFX strategist Nigel Boynton said, the pair is predicted to find support at 102.65 and a drop through could take it to the next support line of 102.33. Meanwhile, the pair is predicted to find its first resistance at 103.15, and a rise through could take it to the next resistance line of 103.33.

During lack of economic releases from Japan today, market participants would await manufacturing PMI data, scheduled for release tomorrow.

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