USD/JPY: Japanese Yen trading on a negative footing in the Asian session


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD declined 0.39% against the JPY and closed at 112.68.

In the Asian session, at GMT0400, the pair is trading at 112.81, with the USD trading 0.12% higher against the JPY from yesterday’s close.

Early morning data showed that Japan’s preliminary leading economic index unexpectedly fell to a level of 100.5 in October, defying market anticipations for a gain to a level of 104.9. In the previous month, the index had recorded a reading of 104.3. Moreover, the nation’s flash coincident index surprisingly slid to a level of 104.5 in October, cofounding market consensus for a rise to a level of 116.8. The index had recorded a level of 114.4 in the prior month.

The pair is expected to find support at 112.31, and a fall through could take it to the next support level of 111.82. The pair is expected to find its first resistance at 113.23, and a rise through could take it to the next resistance level of 113.66.

The currency pair is trading between its 20 Hr and 50 Hr moving averages.

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