USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.14% against the JPY and closed at 101.26, after a report showed that consumer confidence in the US economy unexpectedly declined in the month of November.
In Japan, small business confidence rose to a level of 51.1 in November, from a level of 50.8 reported in the preceding month.
In the Asian session, at GMT0400, the pair is trading at 101.53, with the USD trading 0.27% higher from yesterday’s close.
The pair is expected to find support at 101.23, and a fall through could take it to the next support level of 100.92. The pair is expected to find its first resistance at 101.75, and a rise through could take it to the next resistance level of 101.97.
Later today, Japan’s Ministry of Economy, Trade and Industry is scheduled to publish a report on the nation’s retail trade for October.
The currency pair is trading just above its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
