USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.25% against the JPY and closed at 82.37. The Yen rose on bargain hunting as investors speculated that recent decline in the currency was overdone. However, gains were capped amid expectations that upcoming elections on December 16 would result in growing political pressure on the BoJ to implement more aggressive monetary easing measures.
Meanwhile, on an annual basis, super market sales in Japan dropped 4.0% in October, marking its eighth consecutive year-on-year drop and compared to a 2.0% fall recorded in the previous month.
In the Asian session, at GMT0400, the pair is trading at 82.28, with the USD trading 0.11% lower from yesterday’s close.
The pair is expected to find support at 82.02, and a fall through could take it to the next support level of 81.77. The pair is expected to find its first resistance at 82.68, and a rise through could take it to the next resistance level of 83.09.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
