USDJPY Movement
On Friday, the USD strengthened 0.48% against the JPY and closed at 119.51.
In economic news, the all industry activity index in Japan unexpectedly eased 0.1% on a monthly basis in October, following a revised 1.4% increase recorded in the previous month.
In the Asian session, at GMT0400, the pair is trading at 119.45, with the USD trading a tad lower from Friday’s close.
The pair is expected to find support at 118.98, and a fall through could take it to the next support level of 118.51. The pair is expected to find its first resistance at 119.78, and a rise through could take it to the next resistance level of 120.11.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
