USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 1.89% against the JPY and closed at 109.94.
In the Asian session, at GMT0400, the pair is trading at 110.08, with the USD trading 0.13% higher against the JPY from yesterday’s close.
Overnight data showed that Japan posted a trade deficit (BOP basis) of ¥2.5 billion in November, less than market expectations for a deficit of ¥412.6 billion. The nation had recorded a surplus of ¥254.0 billion in the previous month.
The pair is expected to find support at 109.72, and a fall through could take it to the next support level of 109.35. The pair is expected to find its first resistance at 110.33, and a rise through could take it to the next resistance level of 110.57.
Looking ahead, traders would await Japan’s machine tool orders for December, slated to release overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
