USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.28% against the JPY and closed at 115.56, reversing its previous session gains.
In the Asian session, at GMT0400, the pair is trading at 115.74, with the USD trading 0.16% higher from yesterday’s close.
In economic news, industrial production in Japan rose 2.9% on a monthly basis in September, after advancing 2.7% in the prior month. Additionally, the nation’s capacity utilisation climbed 3.6% on a monthly basis in September after registering a drop of 1.7% in August.
Overnight data indicated that, Japan’s machine orders rebounded 7.3% on an annual basis in September, following a drop of 3.3% recorded in the prior month, while market expectations were for it to drop 0.3%. Meanwhile, the nation’s domestic corporate goods price index recorded a drop of 0.80% on a monthly basis in October, in Japan, more than market expectations for a drop of 0.40%.
The pair is expected to find support at 115.12, and a fall through could take it to the next support level of 114.49. The pair is expected to find its first resistance at 116.14, and a rise through could take it to the next resistance level of 116.53.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
