USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened marginally against the JPY and closed at 79.85, following a rise in new home sales in the US.
On the economic front, new home sales in the US rose 5.7% to an annual rate of 389,000 in September, marking its highest rate since April 2010, and from the revised August rate of 368,000. Additionally, in the US, the manufacturing PMI rose to 51.3 in October, compared to a reading of 51.1 in September.
In the Asian session, at GMT0300, the pair is trading at 79.96, with the USD trading 0.13% higher from yesterday’s close.
Today morning, the corporate service prices index in Japan declined 0.5% (YoY) to 95.6 in September.
The pair is expected to find support at 79.77, and a fall through could take it to the next support level of 79.58. The pair is expected to find its first resistance at 80.07, and a rise through could take it to the next resistance level of 80.17.
With no major releases in Japan, trading trends in the pair today are expected to be determined by the release of durable goods orders and initial jobless claims in the US.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
