USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.38% against the JPY and closed at 79.98.
Yesterday, the Fitch Ratings warned that the US triple-A credit rating might be downgraded next year if the White House and Congress do not address looming tax increases, spending cuts and the fast-approaching debt ceiling in a timely manner.
In the Asian session, at GMT0400, the pair is trading at 79.86, with the USD trading 0.15% lower from yesterday’s close.
Data released this morning indicated that Japan’s core machine orders fell a seasonally adjusted 4.3% (MoM) in September to ¥686.2 billion. Also, its current account surplus widened to ¥503.6 billion in September, while the trade deficit narrowed to ¥471.3 billion in September.
The pair is expected to find support at 79.61, and a fall through could take it to the next support level of 79.36. The pair is expected to find its first resistance at 80.26, and a rise through could take it to the next resistance level of 80.65.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
