USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 1.04% against the JPY and closed at 106.74.
In the Asian session, at GMT0400, the pair is trading at 106.47, with the USD trading 0.25% lower against the JPY from yesterday’s close.
Earlier today, data showed that Japan’s tertiary industry index eased by 0.1% on a monthly basis in September, less than market expectations for a drop of 0.2% and following a flat reading in the previous month.
The pair is expected to find support at 105.35, and a fall through could take it to the next support level of 104.22. The pair is expected to find its first resistance at 107.27, and a rise through could take it to the next resistance level of 108.06.
Moving ahead, market participants look forward to a speech by the BoJ Governor, Haruhiko Kuroda along with Japan’s GDP for Q3 and industrial production for September, scheduled to release next week.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
