USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.02% against the JPY and closed at 114.07.
Yesterday, the IMF predicted that Japan’s economy will grow 0.8% this year, up 0.2% from its estimate in October.
In the Asian session, at GMT0400, the pair is trading at 114.02, with the USD trading a tad lower against the JPY from yesterday’s close.
Overnight data showed that Japan’s final industrial production climbed 1.5% on a monthly basis in November, confirming the preliminary print. Industrial production had registered a flat reading in the prior month.
The pair is expected to find support at 113.66, and a fall through could take it to the next support level of 113.29. The pair is expected to find its first resistance at 114.38, and a rise through could take it to the next resistance level of 114.73.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
