USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.17% against the JPY and closed at 120.75.
In economic news, Japan’s vehicle sales rose 0.2% YoY in October, after recording a drop of 3.0% in the previous month.
In the Asian session, at GMT0400, the pair is trading at 120.67, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 120.33, and a fall through could take it to the next support level of 119.99. The pair is expected to find its first resistance at 120.93, and a rise through could take it to the next resistance level of 121.20.
Going ahead, investors will look forward to BoJ’s October 6-7 monetary policy meeting minutes and the BoJ Governor, Haruhiko Kuroda’s speech, scheduled later this week.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
