USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.66% against the JPY and closed at 112.82.
In the Asian session, at GMT0400, the pair is trading at 112.72, with the USD trading 0.09% lower against the JPY from yesterday’s close.
Overnight data showed that Japan posted a trade deficit of ¥449.3 billion in October, higher than market consensus and compared to a trade surplus of ¥131.3 billion in the preceding month.
The pair is expected to find support at 112.40, and a fall through could take it to the next support level of 112.09. The pair is expected to find its first resistance at 113.24, and a rise through could take it to the next resistance level of 113.77.
In absence of key economic releases in Japan today, investor sentiment would be determined by global macroeconomic events.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
