USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.18% against the JPY and closed at 79.61.
Yesterday, Japan’s Economy Minister, Seiji Maehara stated that the negative effects on Japan’s economic growth from the ongoing territorial dispute with China could be worse in the October-December quarter than in the just-ended quarter. He also indicated that he expects the Bank of Japan to continue to pursue powerful easing measures and the government and central bank would work together to beat deflation and encourage economic recovery.
In economic news, machine tool orders in Japan fell 6.7% (YoY) in October, compared to a 2.8% drop in September.
In the Asian session, at GMT0400, the pair is trading at 79.29, with the USD trading 0.40% lower from yesterday’s close.
The pair is expected to find support at 79.13, and a fall through could take it to the next support level of 78.97. The pair is expected to find its first resistance at 79.55, and a rise through could take it to the next resistance level of 79.80.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
