19 Jan 2015
Yen trims gains versus USD on weak Japanese data
FXStreet (Mumbai) - The Japanese yen remains in green versus the greenback, erasing partial gains from the Asian session after data showed that Japanese industrial production fell steepest in one and a half year.
Currently, the USD/JPY pair traded at 117.23, down -0.21% on the day, retracing from daily lows of 116.93 levels. The Japanese yen gave up some of its gains against the US dollar after Japan's industrial production fell industrial production y/y fell 3.7% in November. The decline in industrial production in November was steepest since June 2013 when it fell 4.7% over the year.
However, the yen is expected to resume its uptrend against the dollar on increased safe-haven demand as the Shanghai sell-off extends. The Chinese regulators imposed stricter penalties and controls on credit products offered by the country’s top brokerages and the banks late last Friday.
USD/JPY Technical Levels
To the upside, the next resistance is located at 117.66 (Today’s High) levels and above which it could extend gains 117.94 levels. To the downside immediate support might be located at 116.81 levels, below that at 116.29 levels.
Currently, the USD/JPY pair traded at 117.23, down -0.21% on the day, retracing from daily lows of 116.93 levels. The Japanese yen gave up some of its gains against the US dollar after Japan's industrial production fell industrial production y/y fell 3.7% in November. The decline in industrial production in November was steepest since June 2013 when it fell 4.7% over the year.
However, the yen is expected to resume its uptrend against the dollar on increased safe-haven demand as the Shanghai sell-off extends. The Chinese regulators imposed stricter penalties and controls on credit products offered by the country’s top brokerages and the banks late last Friday.
USD/JPY Technical Levels
To the upside, the next resistance is located at 117.66 (Today’s High) levels and above which it could extend gains 117.94 levels. To the downside immediate support might be located at 116.81 levels, below that at 116.29 levels.