USD/JPY: Japan’s tertiary industry index further eased in September


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD declined 0.38% against the JPY and closed at 113.44.

In the Asian session, at GMT0400, the pair is trading at 113.40, with the USD trading a tad lower against the JPY from yesterday’s close.

Early morning data showed that Japan’s tertiary industry index dropped 0.2% on a monthly basis, in September, more than market expectations for a fall of 0.1%. In the previous month, the index had declined by a revised 0.1%.

The pair is expected to find support at 112.98, and a fall through could take it to the next support level of 112.57. The pair is expected to find its first resistance at 113.92, and a rise through could take it to the next resistance level of 114.45.

Looking forward, investors would closely monitor Japan’s flash 3Q GDP numbers, set to release next week, to gauge strength in the Japanese economy.

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

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