JPY - Yen Continues to Strengthen
The Japanese yen strengthened across the board yesterday as mixed U.S. data and fundamental weakness in the European Union continues to boost the Asian currency. Following both negative U.S. unemployment data but positive Philly Fed Manufacturing numbers, the yen outperformed most currencies in yesterday's trading.
The USD/JPY fell to 92.67 after opening the day at 93.40. The EUR/JPY also dropped to 125.59 from 127.49, while the GBP/JPY traded lower at 1.4345 after beginning the day at 1.4485.
A lack of economic data today for Japan will leave the yen's movements influenced by U.S. economic data releases. The major news that traders should be following is the U.S. building permits and the UofM Consumer Confidence Survey. Positive results could allow the JPY to continue to strengthen through today's trading. The next major support level for the USD/JPY rests at 92.15.
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