USDJPY Movement
For the 24 hours to 23:00 GMT on Monday, the USD strengthened 0.90% against the JPY and closed at 86.75. The Yen weakened, after Japan’s Prime Minister, Shinzo Abe, reiterated his intention to weaken his nation’s currency.
Meanwhile, on the economic front, the US Dallas Fed manufacturing business index rose unexpectedly to a reading of 6.8 in December, compared to a reading of -2.8 recorded in the previous month.
In the Asian session, at GMT0400, the pair is trading at 87.14, with the USD trading 0.45% higher from Monday’s close.
The pair is expected to find support at 86.30, and a fall through could take it to the next support level of 85.45. The pair is expected to find its first resistance at 87.64, and a rise through could take it to the next resistance level of 88.14.
The currency pair is trading well above its 20 Hr and its 50 Hr moving averages.
