USD/JPY: Japanese Yen trading lower this morning


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD declined 1.11% against the JPY and closed at 111.39.

In the Asian session, at GMT0400, the pair is trading at 111.73, with the USD trading 0.31% higher against the JPY from yesterday’s close.

Early morning data indicated that Japan’s preliminary leading economic index climbed to a level of 108.6 in November, at par with market expectations and following a reading of 106.5 in the previous month. Also, the nation’s flash coincident index registered a rise to a level of 118.1 in November, beating market anticipation for an advance to a level of 117.9 and compared to a reading of 116.4 in the prior month.

The pair is expected to find support at 111.21, and a fall through could take it to the next support level of 110.68. The pair is expected to find its first resistance at 112.32, and a rise through could take it to the next resistance level of 112.90.

Going ahead, traders would focus on Japan’s trade balance (BOP Basis) for November, followed by the Eco-Watchers survey for December, set to release tomorrow.

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

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