USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.76% against the JPY and closed at 118.85, after the release of US tepid retail sales data in September
In the Asian session, at GMT0300, the pair is trading at 118.96, with the USD trading marginally higher from yesterday’s close.
Early morning data showed that preliminary estimate of Japan’s industrial production contracted 1.2% on a monthly basis in August, compared to a decline of 0.5% in the preceding month. Meanwhile, the tertiary industry index unexpectedly rose 0.10% in August, compared to an advance of 0.20% in the previous month. Market anticipation was for the index to remain unchanged.
The pair is expected to find support at 118.47, and a fall through could take it to the next support level of 117.99. The pair is expected to find its first resistance at 119.59, and a rise through could take it to the next resistance level of 120.23.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
