USDJPY Movement
For the 24 hours to 23:00 GMT, USD rose 0.32% against the JPY and closed at 117.68.
In the Asian session, at GMT0400, the pair is trading at 117.91, with the USD trading 0.2% higher against the JPY from yesterday’s close.
Overnight data revealed that Japan’s final Nikkei manufacturing PMI rose to a level of 52.4 in December, rising at its strongest pace in twelve-months, thus hinting that the economy may be regaining momentum. In the previous month, manufacturing PMI had recorded a level of 51.30, while the preliminary figures had recorded an advance to 51.9.
The pair is expected to find support at 117.20, and a fall through could take it to the next support level of 116.49. The pair is expected to find its first resistance at 118.61, and a rise through could take it to the next resistance level of 119.31.
Going ahead, market participants await the release of Japan’s Markit services PMI for December, due overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
