The Japan Leading Index of future economic performance fell to a 5-month low in February, according to preliminary figures by the Cabinet Office. The coincident index showed sentiment for current economic conditions came in line with expectations.
The Japanese Yen extended gains against the US Dollar on what appears to be a risk-off environment that is bolstering demand for the haven currency. Currency Strategist Ilya Spivak is long USDJPY at 102.82 and has already booked partial profits. He notes a key support above 103.00. Technical Strategist Jamie Saettele cautioned bulls as USDJPY faced channel resistance ahead of Friday’s NFP release. USDJPY pulled back and he sees support at 103.00 and 102.45.
USD/JPY 1-Minute Chart. April 7, 2014. Charted using FXCM Marketscope 2.0.
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-- Written by David Maycotte, DailyFX Research Team. Questions, comments or concerns can be sent to dmaycotte@FXCM.com.
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