USDJPY Movement
For the 24 hours to 23:00 GMT, USD strengthened 0.64% against the JPY and closed at 78.05.
The Governor of the Bank of Japan warned that the outlook for the nation’s economy remained clouded by the ongoing debt crisis in the Euro-zone and the strong yen, indicating the Central Bank’s readiness to boost monetary stimulus if necessary.
In Japan, this morning, the unemployment rate rose to 4.5% in October, compared to a rate of 4.1% in September. The retail sales rose 1.9% (YoY) to ¥11.01 trillion in October, following a 1.1% decline in September.
In the Asian session, at GMT0400, the pair is trading at 78.09, with the USD trading 0.05% higher from yesterday’s close.
The pair is expected to find support at 77.71, and a fall through could take it to the next support level of 77.33. The pair is expected to find its first resistance at 78.38, and a rise through could take it to the next resistance level of 78.67.
The pair is expected to trade on the cues from the release of industrial production and manufacturing Purchasing Manager Index (PMI) data in Japan.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
