FxWirePro: Japanese Yen gains in early hours on robust capital spending data
USD/JPY is currently trading around 110.55 marks. It made intraday high at 110.76 and low at 110.42 levels. Today Japan released capital spending data with positive numbers at 4.2% q/q vs 1.9% q/q consensus forecast. It'…
It made intraday high at 110.76 and low at 110.42 levels.
Today Japan released capital spending data with positive numbers at 4.2% q/q vs 1.9% q/q consensus forecast.
It's a leading indicator of economic health - businesses are quickly affected by market conditions and changes in their investment levels can be an early signal of future economic activity such as hiring, spending, and earnings.
Intraday bias remains bearish for the moment.
A sustained break below 110.35 will drag the parity down towards key supports at 108.72, 107.94, 106.15, 105.71, 105.45 and 104.55 levels respectively.
On the other side, a daily close above 111.44 is required to take the parity higher towards key resistances around 112.60 (55D EMA) and 113.42 levels respectively.
