Japanese Yen traded higher against the US dollar and looks set for more losses, as the latter one weakened against most major currencies including the Euro and the British Pound.
Japanese All Industry Activity Index, which helps in capturing the monthly change in overall production by all industries of the Japanese economy released by the Ministry of Economy, Trade and Industry registered an increase of 0.1% in February 2015.
Earlier today, Mr. Hiroshi Nakaso who is Deputy Governor of the Bank of Japan delivered a speech, which failed to impress the Japanese Yen sellers in the short term.
US dollar was seen on the back foot during the past couple of sessions and it looks like sellers are here to stay, which means the USDJPY pair might trade lower.
US Durable Goods Orders that measures the cost of orders received by manufacturers for durable goods will be released by the US Census Bureau today, which is expected to increase in March by 0.6%, compared to the preceding month.
Japanese All Industry Activity Index
Earlier today during the Asian session, the Japanese All Industry Activity Index, which helps in capturing the monthly change in overall production by all industries of the Japanese economy was released by the Ministry of Economy. The market was expecting it to decline by 0.9% in February 2015, compared to the preceding month. However, the outcome was a bit on the higher side, as the Japanese All Industry Activity Index increased by 0.1%. Although, this was still on the lower side when compared to the last rise of 1.9%. The report helped the Japanese Yen to gain some ground against the US dollar. There was one more aspect to the decline of the USDJPY pair i.e. the fact the US dollar also weakened lately.
Japanese Corporate Service Price Index
Moreover, there was one more release lined up today in Japan i.e. the Corporate Service Price Index (CSPI) determining the prices of services traded among companies was released by the Bank of Japan. The market was expecting it to increase by 3.3% in March 2015, compared to the same month a year ago. However, the outcome was a touch disappointing, as the Japanese Corporate Service Price Index rose by 3.2%.
Overall, there were a few positives to note for the Japanese yen during the Asian session. There was a lot of buying interest seen in the currency, which could take it higher in the near term.
Technical Outlook – USDJPY
The USDJPY pair declined and traded towards the 119.20 support area where buyers managed to protect more downsides. There is a major resistance formed around the 119.60-70 levels where buyers might face a lot of pressure moving ahead. Let us see how the pair trades in the short term, and if it fails to settle above the mentioned levels, then a move back towards the 119.10 level is possible. Any further losses might take USDJPY towards the 118.80 support area.
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Ben Myers is one of the most respected and trusted names in the financial trading industry. Following a long and successful career with HSBC, Bank of Ireland and running his own investment firm
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