USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.06% against the JPY and closed at 118.41.
In the Asian session, at GMT0400, the pair is trading at 118.13, with the USD trading 0.23% lower from yesterday’s close.
Earlier today, data indicated that Japan’s small business confidence index unexpectedly declined to a level of 47.2 in January, compared to market expectations of an increase to a level of 48.5 from a reading of 48.3 in the preceding month.
The pair is expected to find support at 117.64, and a fall through could take it to the next support level of 117.16. The pair is expected to find its first resistance at 118.63, and a rise through could take it to the next resistance level of 119.13.
Going ahead, investors await the release of Japan’s seasonally adjusted retail trade data for December, scheduled to be released overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
