USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.37% against the JPY and closed at 102.65.
The US Dollar came under pressure for a brief period, after the US annual rate of inflation rose less-than-anticipated in November, thereby indicating that the latest inflation figures may weigh on Federal Reserve’s monetary policy decision to be released later during the day.
Separately, the Ministry of Finance has reported that Japan’s total merchandise trade deficit widened to ¥1292.9 billion in November, lesser than market expectations of a ¥1,319.5 billion deficit and compared to a revised deficit of ¥1092.7 billion recorded in October.
In the Asian session, at GMT0400, the pair is trading at 102.94, with the USD trading 0.28% higher from yesterday’s close.
The pair is expected to find support at 102.61, and a fall through could take it to the next support level of 102.27. The pair is expected to find its first resistance at 103.16, and a rise through could take it to the next resistance level of 103.38.
Trading trends in the pair today are expected to be determined by the conclusion of the FOMC policy meeting today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
