USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.46% against the JPY and closed at 80.22, as robust US durables data and encouraging employment data dampened expectations for further easing by the Federal Reserve.
Additionally, the Yen remained under broad selling pressure amid mounting speculation over the possibility of more easing by the Bank of Japan at its upcoming policy meeting on October 30.
On the US economic front, durable goods orders surged 9.9% in September, following a revised 13.1% drop in August. Meanwhile, the pending home sales index rose 0.3% (MoM) to 99.5 in September, compared to a 2.6% drop in August.
In the Asian session, at GMT0300, the pair is trading at 80.05, with the USD trading 0.22% lower from yesterday’s close.
Data released today morning in Japan, indicated that the core consumer price index (CPI) declined 0.1% (YoY) in September, against the forecast for a 0.2% drop.
The pair is expected to find support at 79.86, and a fall through could take it to the next support level of 79.68. The pair is expected to find its first resistance at 80.31, and a rise through could take it to the next resistance level of 80.57.
The currency pair is trading in between its 20 Hr and 50 Hr moving averages.
