By
GCI Financial |
Technical Analysis | Oct 19, 2011 09:30AM GMT |
Data released in Japan showed that machine tool orders grew 20.1% (YoY) in September, from a 20.3% growth in August. Separately, the Japan Department Stores Association indicated that department store sales declined 2.4% (YoY) in September.
In the Asian session, at GMT0300, the pair is trading at 76.70, with the USD trading 0.13% lower from yesterday’s close.
The pair is expected to find support at 76.58, and a fall through could take it to the next support level of 76.47. The pair is expected to find its first resistance at 76.86, and a rise through could take it to the next resistance level of 77.03.
Trading trends in the pair today are expected to be determined by release of All Industry Activity Index in Japan.
Please see the attached chart below.
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