USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 0.08% against the JPY and closed at 77.04.
In the US, the Producer Price Index (PPI) fell 0.3% (M-o-M) in October, following a 0.8% increase recorded in September.
This morning, the Bank of Japan (BoJ) kept its key interest rates steady at 0.1% in November.
In the Asian session, at GMT0400, the pair is trading at 77.06, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 76.90, and a fall through could take it to the next support level of 76.73. The pair is expected to find its first resistance at 77.24, and a rise through could take it to the next resistance level of 77.41.
Trading trends in the pair today are expected to be determined by release of Japan buying foreign bonds and foreign buying Japan bonds data today.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
