USD/JPY: Japanese Yen trading on a weaker footing in the morning session


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD declined 0.29% against the JPY and closed at 112.24.

In the Asian session, at GMT0400, the pair is trading at 112.38, with the USD trading 0.12% higher against the JPY from yesterday’s close.

Earlier today, data showed that Japan’s preliminary leading economic index fell to a level of 106.1 in October, meeting market expectations. The index had recorded a level of 106.4 in the previous month. On the contrary, the nation’s flash coincident index unexpectedly climbed to a level of 116.5 in October, after registering a level of 116.2 in the prior month and defying market consensus for the index to record a steady reading.

The pair is expected to find support at 112.08, and a fall through could take it to the next support level of 111.79. The pair is expected to find its first resistance at 112.58, and a rise through could take it to the next resistance level of 112.79.

Moving ahead, Japan’s final 3Q GDP numbers along with trade balance (BOP basis) for October, scheduled to release overnight, will be on investors’ radar.

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

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