Safwat M.Hamdan
15-10-2007, 03:02 PM
Japanese Yen Mixed Against Majors
Monday, October 15, 2007- Monday morning in Asia, the Japanese Yen showed a mixed performance against its major counterparts. While the Yen lost ground against the dollar and the Swiss Franc, it gained versus the euro. Against the Pound, the Yen showed choppy trading.
The recent deals of the major Yen pairs came amid the release of the Japanese industrial production data for the month of August. On a monthly basis, the Japanese industrial output rose 3.5% in August, revised from 3.4% initially estimated, a final report from the government showed. On a yearly basis, industrial production improved 4.4% in August, larger than the 3.2% growth registered in the prior month.
Italian Consumer price index data for the month of September and the UK DCLG house prices for August are expected during the upcoming European session.
The US empire manufacturing survey for October is slated for later in the morning.
The Japanese Yen weakened against the US dollar in the early Asian deals on Monday. The Yen hit 117.74 at 8:45 pm ET, down from Friday's close of 117.61. Thereafter, the Yen reversed the losses and the pair has been currently trading near 117.6. Downside, 117.8 is seen as the next target level for the Yen in the near term.
In the early Asian deals on Monday, the Japanese Yen traded in a loose range versus the euro. However, at about 7:20 pm ET, the Yen started trending lower but it bounced back within an hour. The Yen thus gained from 166.84 to 166.44 at 12:10 am Eastern Time. The Yen then slid briefly and the pair has been currently trading near 166.7. The near term upside and downside target levels for the pair are seen around 167.3 and 165.9 respectively.
Against the British Pound, the Japanese Yen showed choppy trading during the Asian deals on Monday. The pair largely bounced between 238.89 and 239.41. However, at about 11:55 pm ET, the Yen gained sharply and reached 238.37. But the Yen gave back the gains soon after and the pair has been trading at 239.3 as of now. The near term support and resistance level for the Yen are seen around 240.1 and 238.3 respectively.
During the early Asian session on Monday, the Japanese Yen slipped versus the Swiss Franc. Down from Friday's close of 99.28, the Yen touched 99.39 by about 8:50 pm Eastern Time. Thereafter, the Yen ticked higher but it edged down again shortly. As of now, the pair has been trading near 99.42. If the Yen falls further, it may test the near term support level seen around 99.7.
Monday, October 15, 2007- Monday morning in Asia, the Japanese Yen showed a mixed performance against its major counterparts. While the Yen lost ground against the dollar and the Swiss Franc, it gained versus the euro. Against the Pound, the Yen showed choppy trading.
The recent deals of the major Yen pairs came amid the release of the Japanese industrial production data for the month of August. On a monthly basis, the Japanese industrial output rose 3.5% in August, revised from 3.4% initially estimated, a final report from the government showed. On a yearly basis, industrial production improved 4.4% in August, larger than the 3.2% growth registered in the prior month.
Italian Consumer price index data for the month of September and the UK DCLG house prices for August are expected during the upcoming European session.
The US empire manufacturing survey for October is slated for later in the morning.
The Japanese Yen weakened against the US dollar in the early Asian deals on Monday. The Yen hit 117.74 at 8:45 pm ET, down from Friday's close of 117.61. Thereafter, the Yen reversed the losses and the pair has been currently trading near 117.6. Downside, 117.8 is seen as the next target level for the Yen in the near term.
In the early Asian deals on Monday, the Japanese Yen traded in a loose range versus the euro. However, at about 7:20 pm ET, the Yen started trending lower but it bounced back within an hour. The Yen thus gained from 166.84 to 166.44 at 12:10 am Eastern Time. The Yen then slid briefly and the pair has been currently trading near 166.7. The near term upside and downside target levels for the pair are seen around 167.3 and 165.9 respectively.
Against the British Pound, the Japanese Yen showed choppy trading during the Asian deals on Monday. The pair largely bounced between 238.89 and 239.41. However, at about 11:55 pm ET, the Yen gained sharply and reached 238.37. But the Yen gave back the gains soon after and the pair has been trading at 239.3 as of now. The near term support and resistance level for the Yen are seen around 240.1 and 238.3 respectively.
During the early Asian session on Monday, the Japanese Yen slipped versus the Swiss Franc. Down from Friday's close of 99.28, the Yen touched 99.39 by about 8:50 pm Eastern Time. Thereafter, the Yen ticked higher but it edged down again shortly. As of now, the pair has been trading near 99.42. If the Yen falls further, it may test the near term support level seen around 99.7.