USDJPY Movement
On Friday, the USD weakened 0.60% against the JPY and closed at 114.54.
In the Asian session, at GMT0400, the pair is trading at 114.20, with the USD trading 0.3% lower from Friday’s close.
Overnight data indicated that, Japan’s foreign exchange reserves climbed to $1265.90 billion in October, following a level of $1264.40 billion registered in the preceding month.
The pair is expected to find support at 113.63, and a fall through could take it to the next support level of 113.06. The pair is expected to find its first resistance at 115.18, and a rise through could take it to the next resistance level of 116.17.
Going forward, investors await Japan’s trade balance data scheduled in the late hours today.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
