USDJPY Movement
For the 24 hours to 23:00 GMT, the USD traded marginally higher against the JPY and closed at 116.66.
In the Asian session, at GMT0400, the pair is trading at 116.64, with the USD trading a tad lower from yesterday’s close.
Earlier today, data from Japan indicated that housing loans advanced 2.8% on an annual basis in 3Q, after increasing 2.7% in the prior month.
The pair is expected to find support at 115.79, and a fall through could take it to the next support level of 114.95. The pair is expected to find its first resistance at 117.14, and a rise through could take it to the next resistance level of 117.64.
Meanwhile, market participants await the BoJ’s monetary policy statement post Japan’s unexpected economic contraction in 3Q 2014.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
