By GCI Forex Research
For the 24 hours to 23:00 GMT, USD strengthened 1.79% against the JPY on Friday and closed at 80.58, as G7 countries agreed to take steps to curb the Yen’s post earthquake rise.
In Japan, on Friday, leading index stood at 101.5 in January from 100.2 in December. Meanwhile, the coincident index stood at 105.9 in January, from 103.5 in December.
In the Asian session at 4:00GMT, the pair is trading higher from the New York close, by 0.45%, at 80.94.
The first short term resistance is at 81.80, followed by 82.66. The pair is expected to find support at 80.28 and the subsequent support level at 79.62.
The currency pair is showing convergence with its 20 Hr and is trading just above 50 Hr moving average.
Forex Daily Market Commentary provided by GCI Financial Ltd.
GCI Financial Ltd (”GCI”) is a regulated securities and commodities trading firm, specializing in online Foreign Exchange (”Forex”) brokerage. GCI executes billions of dollars per month in foreign exchange transactions alone. In addition to Forex, GCI is a primary market maker in Contracts for Difference (”CFDs”) on shares, indices and futures, and offers one of the fastest growing online CFD trading services. GCI has over 10,000 clients worldwide, including individual traders, institutions, and money managers. GCI provides an advanced, secure, and comprehensive online trading system. Client funds are insured and held in a separate customer account. In addition, GCI Financial Ltd maintains Net Capital in excess of minimum regulatory requirements.
DISCLAIMER: GCI’s Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be U.S.ed as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained.
