USD/JPY: Japan’s services sector growth slowed to a 3-month low level in December


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD rose 0.2% against the JPY and closed at 112.78.

In the Asian session, at GMT0400, the pair is trading at 112.84, with the USD trading marginally higher against the JPY from yesterday’s close.

Data released overnight indicated that Japan’s Markit services PMI inched down to a level of 51.1 in December, hitting a three-month low level and compared to a reading of 51.2 in the previous month.

The pair is expected to find support at 112.60, and a fall through could take it to the next support level of 112.36. The pair is expected to find its first resistance at 112.97, and a rise through could take it to the next resistance level of 113.10.

Looking forward, Japan’s consumer confidence for December, BOP basis trade balance and Eco-Watchers survey data, all scheduled to release next week, would be eyed by investors.

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

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