USDJPY Movement
On Friday, the USD strengthened 1.32% against the JPY and closed at 121.38.
In the Asian session, at GMT0400, the pair is trading at 121.56, with the USD trading 0.15% higher from Friday’s close, after overnight data indicated that Japan’s final annualised gross domestic product (GDP) eased 1.90% on a QoQ basis in 3Q 2014. It had dropped by a revised 6.70% in the previous quarter. Meanwhile, the nation’s trade deficit rose to ¥766.60 billion in October, compared to a trade deficit of ¥714.50 billion in the prior month.
Data just released indicated that, Japan’s Eco Watchers Survey for the current situation eased unexpectedly to 41.5 in November, compared to market expectations of an advance to 45.8, while future outlook dropped surprisingly to 44.0 in November, following a level of 46.6 in the prior month.
The pair is expected to find support at 120.34, and a fall through could take it to the next support level of 119.12. The pair is expected to find its first resistance at 122.32, and a rise through could take it to the next resistance level of 123.07.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
