USDJPY Movement
For the 24 hours to 23:00 GMT, the USD marginally declined against the JPY and closed at 113.80.
In the Asian session, at GMT0400, the pair is trading at 113.80, with the USD trading flat against the JPY from yesterday’s close.
Earlier today, Japan’s preliminary leading economic index eased to 106.6, compared to a reading of 107.2 in the previous month. Market expectation was for the leading economic index to drop to 106.6. Moreover, the nation’s coincident index fell to 115.8 in September from a level of 117.7 in the prior month. Markets were anticipating that the index would decline to a level of 115.9.
The pair is expected to find support at 113.51, and a fall through could take it to the next support level of 113.23. The pair is expected to find its first resistance at 114.21, and a rise through could take it to the next resistance level of 114.63.
Moving forward, Bank of Japan’s (BoJ) latest Summary of Opinions, Japan’s trade balance figures and machine orders, both for September, all scheduled to be released overnight, would be on investors’ radar.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
