USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened marginally against the JPY and closed at 77.72.
In Japan, yesterday, the Current conditions index rose to 45.9 in October, compared to 45.3 in September. Meanwhile, the Outlook index declined further to a level of 45.9 in October from 46.4 in the prior month. Additionally, this morning, the money supply rose 2.7% (Y-o-Y) in October to ¥799.8 trillion, unchanged from the previous month. The core machine orders declined 8.2% (Y-o-Y) in September, following an 11.0% rise in August.
In the Asian session, at GMT0400, the pair is trading at 77.76, with the USD trading 0.05% higher from yesterday’s close.
The pair is expected to find support at 77.58, and a fall through could take it to the next support level of 77.39. The pair is expected to find its first resistance at 77.92, and a rise through could take it to the next resistance level of 78.07.
With a series of Japan economic releases today, including Consumer Confidence Index and Tertiary Industry Index, trading in the pair is expected to be influenced by the resulting cues from these releases.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
