Can Japanese Yen Gain Further?

Can Japanese Yen Gain Further?

By: James Ansher | Where To Trade | On:06-04-2015 16:13
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Key Highlights

  • Japanese yen posted gains against the US dollar recently, but it was seen struggling to find buyers against other major currencies like the Euro and the British pound.

  • Markets were silent during the Asian session due Easter Monday holiday and banks were closed.

  • Japanese Leading Economic Index i.e. an economic indicator that consists of 12 indexes such as account inventory ratios, machinery orders, stock prices and other leading economic indicators released by the Cabinet Office registered a reading of 105.3, down from the last reading of 105.5 in February 2015.

  • Japanese Coincident Index also posted a decline from 113.3 to 110.5 in February 2015.

  • European session is likely to go quiet and there can be ranging moves noted in the FX market.

  • Euro traded higher against the US dollar, but was seen struggling to clear the 131.00 levels.

  • In the US, the Services Purchasing Managers Index (PMI) showing business conditions in the services sector will be released by Markit Economics, which is expected to stay at 58.6.

Japanese Leading Economic Index

Earlier today during the Asian session, the Japanese Leading Economic Index representing an economic indicator with 12 indexes such as account inventory ratios, machinery orders, stock prices and other leading economic indicators was released by the Cabinet Office. The forecast was lined up for a minor decrease from the last 105.5 to 105.2 in February 2015. However, the outcome managed to stay a bit on the higher side, as the Japanese Leading Economic Index registered a reading of 105.3, down by 0.2 points.

There was one more release lined up, as the Japanese Coincident Index i.e. a single summary statistic that tracks the current state of the Japanese economy was released by the Cabinet Office. This was also on the disappointing side, as the Japanese Coincident Index declined from the last reading of 113.3 to 110.5 in February 2015. The report was mixed, but was broadly on the lower side as a rise in the index indicates an expansion of economic activity and a decrease in the index means a contraction in economic activity. The Japanese yen was seen trading a touch lower after the release.

However, the impact was not that big, as the markets were quiet due to Easter Monday holiday. The USDJPY pair after declining below the 119.00 level managed to recover some ground and was seen testing the mentioned level one more time. The US dollar was seen struggling as sellers still remain in control and could take the greenback lower in the coming sessions. There are a couple of releases lined up during the NY session, which might impact in the near term.

Technical Outlook – EURJPY

The EURJPY pair climbed higher recently, as the Euro gained pace not only against the US dollar, but also against the yen. The pair has a major resistance around the 130.00-10 levels, which might well act as a catalyst in the short term. A daily close above the same could ignite more gains.

James Ansher

James Ansher

When there is a will there is a trade

A successful Forex trader and expert advisor

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