USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.38% against the JPY and closed at 102.89. However, the losses were limited after the greenback received a boost from upbeat US manufacturing data in November.
In the Asian session, at GMT0400, the pair is trading at 102.99, with the USD trading 0.09% higher from yesterday’s close.
The pair is expected to find support at 102.72, and a fall through could take it to the next support level of 102.46. The pair is expected to find its first resistance at 103.21, and a rise through could take it to the next resistance level of 103.44.
In the absence of economic indicators in Japan, market participants will gauge a slew of crucial releases from the US, mainly the consumer price index and the NAHB housing market index, to get further guidance in the pair.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
