Japan’s service sector continued to expand in January, according to the island nation’s tertiary industry index on Wednesday. The indicator rose by 2.9% on the month, surprising expectations for only a 1.3% gain to follow the index’s 0.9% fall in December. Despite the upbeat results, the release remains only a medium-tier data-point and so was essentially shrugged off by the yen. The extent of USD/JPY’s reaction was to slip by a handful of pips to 90.29 yen. In early Asia-Pacific trading on Wednesday, the pair has traded between a high of 90.45 and al low of 90.22. Short term resistance lies at 92.15 with support at 89.63 and 88.14.
No USD/JPY Reaction to Above-Consensus Rise in Japanese Tertiary Sector Index
Japan’s service sector continued to expand in January, according to the island nation’s tertiary industry index on Wednesday. The indicator rose by 2.9% on the month, surprising expectations for only a 1.3% gain to follow the index’s 0.9% fall in December. Despite the upbeat results, the release remains only a medium-tier data-point and so was essentially shrugged off by the yen. The extent of USD/JPY’s reaction was to slip by a handful of pips to 90.29 yen. In early Asia-Pacific trading on Wednesday, the pair has traded between a high of 90.45 and al low of 90.22. Short term resistance lies at 92.15 with support at 89.63 and 88.14.
