USDJPY Movement
On Friday for the 24 hours to 23:00 GMT, USD strengthened 0.05% against the JPY and closed at 82.49, after report showed that the US economy added more jobs than expected in November.
The Labor Department stated that the US economy added 146,000 jobs in November, while the unemployment rate fell to 7.7%, the lowest since December 2008.
In the Asian session, at GMT0400, the pair is trading at 82.43, with the USD trading 0.07% lower from Friday’s close, following dismal economic data in Japan.
Data released this morning in Japan showed that the gross domestic product contracted 0.9% during the July-September quarter, in line with the initial estimate, and against the expectation of 0.8% drop. The current account surplus narrowed less-than-expected to ¥376.9 billion in October, while trade deficit shrunk to ¥450.3 billion in October.
Separately, the business survey index of sentiment at large manufacturers’ in Japan declined to a reading of -10.3 in the fourth quarter of 2012, compared to a reading of 2.5 reported in the third quarter of 2012.
The pair is expected to find support at 82.13, and a fall through could take it to the next support level of 81.83. The pair is expected to find its first resistance at 82.78, and a rise through could take it to the next resistance level of 83.13.
Trading trends in the pair today are expected to be determined by the release of consumer confidence and money supply data in Japan.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
