USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened marginally against the JPY and closed at 120.55.
In the Asian session, at GMT0400, the pair is trading at 120.41, with the USD trading 0.11% lower from yesterday’s close.
The pair is expected to find support at 120.28, and a fall through could take it to the next support level of 120.15. The pair is expected to find its first resistance at 120.60, and a rise through could take it to the next resistance level of 120.80.
Going ahead, market participants will concentrate on Japan’s Nikkei manufacturing PMI for December, scheduled to release early next week, for further cues.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
