USD/JPY: Japanese Yen trading a tad lower in the Asian session


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD declined 1.01% against the JPY and closed at 111.24.

In economic news, Japan’s final machine tool orders declined 17.0% on an annual basis in November, compared to a drop 0.7% in the prior month. The preliminary figures had recorded a fall of 16.8%.

In the Asian session, at GMT0400, the pair is trading at 111.29, with the USD trading slightly higher against the JPY from yesterday’s close.

Overnight data revealed that the nation’s national consumer price index (CPI) climbed 0.8% on a yearly basis in November, at par with market expectations. The CPI had recorded a rise of 1.4% in the previous month.

The pair is expected to find support at 110.56, and a fall through could take it to the next support level of 109.84. The pair is expected to find its first resistance at 112.26, and a rise through could take it to the next resistance level of 113.24.

Going forward, investors would closely monitor the Bank of Japan’s meeting minutes followed by Japan’s housing starts, construction orders, jobless rate, retail trade and industrial production, set to release next week

The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

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