USD/JPY: Japan’s consumer confidence climbed in October


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD rose 0.45% against the JPY and closed at 114.15.

Overnight data revealed that Japan’s monetary base rose 14.5% on an annual basis in October, from a gain of 15.6% in the prior month.

In the Asian session, at GMT0400, the pair is trading at 113.89, with the USD trading 0.23% lower from yesterday’s close.

Early today, data showed that Japan’s consumer confidence index unexpectedly rose to 44.5 in October, compared to a reading of 43.9 in the previous month. Market expectation was for the consumer confidence index to ease to a level of 43.6.

The pair is expected to find support at 113.65, and a fall through could take it to the next support level of 113.42. The pair is expected to find its first resistance at 114.2, and a rise through could take it to the next resistance level of 114.52.

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

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