USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.19% against the JPY and closed at 117.63.
Yesterday, the International Monetary Fund (IMF) indicated that Japan’s economy is likely to expand by 1.0% in 2016, unchanged from its earlier projection, citing support for the economy from the government and the BoJ. Further, the nation is expected to grow by 0.3% in 2017, down 0.1 point from its earlier estimate.
In other economic news, Japan’s final machine tool orders dropped 25.7% YoY in December. The preliminary figures had recorded a drop of 25.8%.
In the Asian session, at GMT0400, the pair is trading at 117.05, with the USD trading 0.49% lower from yesterday’s close.
The pair is expected to find support at 116.61, and a fall through could take it to the next support level of 116.17. The pair is expected to find its first resistance at 117.81, and a rise through could take it to the next resistance level of 118.57.
Going ahead, investors will look forward to Japan’s all industry activity index for November, scheduled to be released tomorrow morning.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
