USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened marginally against the JPY and closed at 119.88.
The Japanese yen came under pressure after weak trade data led to speculation that the BoJ might boost its existing stimulus programme.
In the Asian session, at GMT0300, the pair is trading at 119.88, with the USD trading flat from yesterday’s close.
The pair is expected to find support at 119.73, and a fall through could take it to the next support level of 119.59. The pair is expected to find its first resistance at 120.07, and a rise through could take it to the next resistance level of 120.26.
Moving ahead, investors will look forward to Japan’s preliminary Nikkei manufacturing PMI for October, scheduled to be released early morning tomorrow.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
