12 Dec 2014
Yen extends decline, Japan’s Industrial Production data eyed
FXStreet (Mumbai) - The Japanese currency extended losses from the previous session and trades lower against the US dollar before Japanese final industrial production numbers.
Updated Japanese industrial output data is likely to see month-on-month growth in October hold at 0.2% after a 2.9% surge in September. The Japanese yen lost momentum against the US counterpart after better than expected US unemployment claims and retail sales data added further impetus to US dollar strength. USD/JPY trades at 118.92 levels, up 0.19% on the day, after having clocked a day’s high of 119.20 levels in the early Asian morning.
Moreover, the yen remains under pressure ahead of Japanese snap elections this Sunday, with outcome expected to be Prime Minister Abe’s victory.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.14 (Dec 1 High) levels and above which it could extend gains to 119.89 (Dec 3 High) levels. To the downside immediate support might be located at 118.20 (Dec 2 Low), below that at 117.93 (Dec 9 Low) levels.
Updated Japanese industrial output data is likely to see month-on-month growth in October hold at 0.2% after a 2.9% surge in September. The Japanese yen lost momentum against the US counterpart after better than expected US unemployment claims and retail sales data added further impetus to US dollar strength. USD/JPY trades at 118.92 levels, up 0.19% on the day, after having clocked a day’s high of 119.20 levels in the early Asian morning.
Moreover, the yen remains under pressure ahead of Japanese snap elections this Sunday, with outcome expected to be Prime Minister Abe’s victory.
USD/JPY Technical Levels
To the upside, the next resistance is located at 119.14 (Dec 1 High) levels and above which it could extend gains to 119.89 (Dec 3 High) levels. To the downside immediate support might be located at 118.20 (Dec 2 Low), below that at 117.93 (Dec 9 Low) levels.