USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.79% against the JPY and closed at 116.33.
In the Asian session, at GMT0400, the pair is trading at 116.29, with the USD trading a tad lower from yesterday’s close.
Early morning data revealed that Japan’s tertiary industry index rebounded 0.2% on a monthly basis in November, in line with market expectations. The index had eased 0.1% in October.
The pair is expected to find support at 115.44, and a fall through could take it to the next support level of 114.59. The pair is expected to find its first resistance at 117.55, and a rise through could take it to the next resistance level of 118.81.
Going forward, investors would monitor Japan’s industrial production along with consumer confidence data, scheduled next week to get better insights in the recession hit Japanese economy.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
