USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened marginally against the JPY and closed at 82.16.
In the Asian session, at GMT0400, the pair is trading at 82.12, with the USD trading marginally lower from yesterday’s close.
This morning, on an annual basis, retail sales in Japan declined 1.2% in October, higher than market consensus and following a 0.4% rise reported in September.
The Bank of Japan board member, Sayuri Shirai, cautioned of looming risks to the economic outlook that could keep price growth lower than the central bank’s forecasts, keeping alive market expectations of further monetary loosening as early as this month.
The pair is expected to find support at 81.80, and a fall through could take it to the next support level of 81.48. The pair is expected to find its first resistance at 82.32, and a rise through could take it to the next resistance level of 82.53.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
