USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.41% against the JPY and closed at 78.79, after the US retail sales rose in September.
Meanwhile, in Japan, industrial production dropped 1.6% (MoM) in August, compared to a 1.3% drop initially estimated. Meanwhile, capacity utilization fell by a seasonally adjusted 2.6% (MoM) in August, reversing the 0.5% rise registered in the previous month.
In the Asian session, at GMT0300, the pair is trading at 78.82, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 78.56, and a fall through could take it to the next support level of 78.30. The pair is expected to find its first resistance at 78.97, and a rise through could take it to the next resistance level of 79.12.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
