USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 1.12% against the JPY and closed at 116.54.
In the Asian session, at GMT0400, the pair is trading at 116.98, with the USD trading 0.38% higher from yesterday’s close.
Overnight data indicated that Japan’s adjusted merchandise trade deficit narrowed more than expected to ¥925.0 billion, against market expectations for a deficit of ¥982.8 billion and compared to previous month’s adjusted merchandise trade deficit of ¥985.1 billion. Meanwhile, Japan’s exports rose 4.9% on a YoY basis in November, lower than market forecasts for a 7.0% increase and compared to an advance of 9.6% in October, thus adding concerns over the economic outlook of the recession hit Japanese economy.
The pair is expected to find support at 115.78, and a fall through could take it to the next support level of 114.57. The pair is expected to find its first resistance at 117.98, and a rise through could take it to the next resistance level of 118.98.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
