USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.22% against the JPY and closed at 119.76.
Yesterday, data indicated that Japan’s consumer confidence weakened more-than-expected and fell to a level of 40.6 in September, from a reading of 41.7 in August. Investors had expected it to fall to a level of 41.6. Further, the nation’s flash machine tool orders dropped by 19.1% YoY, compared to a 16.5% decline in the previous month.
In the Asian session, at GMT0300, the pair is trading at 119.7, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 119.47, and a fall through could take it to the next support level of 119.23. The pair is expected to find its first resistance at 119.95, and a rise through could take it to the next resistance level of 120.20.
Moving ahead, market participants will look forward to Japan’s tertiary industry data for August, scheduled to be released tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
