USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 0.45% against the JPY and closed at 77.60.
In Japan, yesterday, the housing starts fell 5.8% (YoY) in October, following a 10.8% decline in the previous month. Additionally, construction orders rose to 24.3% (YoY) in October, compared to 9.3% decline in the previous month.
In the Asian session, at GMT0400, the pair is trading at 77.684, with the USD trading 0.11% higher from yesterday’s close.
The pair is expected to find support at 77.27, and a fall through could take it to the next support level of 76.85. The pair is expected to find its first resistance at 78.13, and a rise through could take it to the next resistance level of 78.57.
The pair is expected to trade on the cues from the release of data on monetary base and capital spending in Japan.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
