USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.92% against the JPY and closed at 79.99. The yen came under pressure after weaker-than-expected Japanese trade data raised expectations for more monetary easing by the Bank of Japan.
In Japan, merchandise trade deficit narrowed less-than-expected to ¥558.6 billion in September. Additionally, sales at supermarkets declined 2.0% (YoY) in September, compared to a 1.3% fall in August. Meanwhile, nationwide department store sales eased 0.2% (YoY) in September, compared to a 1.0% fall in August.
In the Asian session, at GMT0300, the pair is trading at 79.84, with the USD trading 0.18% lower from yesterday’s close.
The pair is expected to find support at 79.43, and a fall through could take it to the next support level of 79.01. The pair is expected to find its first resistance at 80.13, and a rise through could take it to the next resistance level of 80.43.
The currency pair is trading in between its 20 Hr and 50 Hr moving averages.
