USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.25% against the JPY and closed at 82.36, amid caution that the Federal Reserve may take fresh steps on monetary easing tomorrow.
Meanwhile in economic news, consumer confidence index in Japan dropped to a reading of 39.4 in November, showing weakest index reading since December 2011. Additionally, the Japan’s economy watchers’ assessment survey results showed that current economic situation index rose to a reading of 40.0 in November, while the outlook index climbed to a reading of 41.9 in November.
In the Asian session, at GMT0400, the pair is trading at 82.35, with the USD trading flat from yesterday’s close.
This morning, M2 money stock in Japan rose 2.1% to ¥819.4 trillion in November, compared to the 2.3% rise in October.
The pair is expected to find support at 82.14, and a fall through could take it to the next support level of 81.94. The pair is expected to find its first resistance at 82.53, and a rise through could take it to the next resistance level of 82.71.
In today’s trading session, the machine orders and tertiary industry index data are the key economic releases on tap in Japan.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
