Japan Registers Rise To 3.6% In Unemployment; CPI Stable27 February, 2015 by Aayush Jindal in Market Analysis
- Japanese yen was seen trading lower against most major currencies after a few critical releases in Japan.
- Japanese National Consumer Price Index published by the Statistics Bureau registered a rise of 2.4% in January 2015, which is the same as the last reading of 2.4%.
- Japanese National CPI Ex Food, Energy increased by 2.1% in January 2015, compared to same month of the preceding year.
- Japanese Unemployment Rate released the Ministry of Health, Labour and welfare and published by the Japan Statistics Bureau registered a rise to 3.6% from 3.4% in January 2015.
- USDJPY traded lower and fell towards the 119.20 support area.
Japanese Unemployment Report
Today during the Asian session, there were a few important releases lined up in Japan. One of them was the unemployment report. Japan’s Unemployment Rate was released the Ministry of Health, Labour and welfare and published by the Japan Statistics Bureau. The forecast was lined up for no change in the unemployment from 3.4% in January 2015, compared to the preceding month. However, the outcome was a bit disappointing, as the Japanese Unemployment Rate climbed to 3.6%.
The report added that the number of employed persons in January 2015 was 63.09 million, which was around 470 thousand or 0.8% more compared to the previous year. Furthermore, the number of unemployed persons in January 2015 was 2.31 million, which was 70 thousand or 2.9% less compared to the previous year.
Japanese National CPI
In addition to the unemployment report, the National Consumer Price Index was also published by the Statistics Bureau registered. The forecast was of an increase of 2.4% in January 2015, compared to the same month a year ago. The outcome was in line with the forecast, as CPI remained at 2.4%.
The US dollar traded lower against the Japanese yen to test the 119.20-10 support area where the US dollar buyers managed to protect the downside. There was a bearish trend line on the hourly chart, which was breached earlier and now acting as a support to the USDJPY pair. Moreover, the 50% fib retracement level of the last leg from the 118.66 low to 119.49 high is also sitting around the same area.
On the upside, initial resistance is around the 119.40 level, followed by the last swing high of 119.50 where sellers might appear again.