USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.20% against the JPY and closed at 117.50.
In the Asian session, at GMT0400, the pair is trading at 117.32, with the USD trading 0.16% lower from yesterday’s close.
Data just released indicated that Japan’s preliminary leading index unexpectedly dropped to a level of 105.2 in December, against market expectations for a rise to a level to 105.4 and following a reading of 103.9 recorded in November. Meanwhile, the nation’s preliminary coincident index advanced more than expected to a level of 110.7 in December, against market expectations of an advance to a level of 110.5.
Overnight data showed that Japan’s foreign exchange reserves rose to $1261.10 billion in January, compared to a reading of $1260.50 billion recorded in the previous month.
The pair is expected to find support at 117.05, and a fall through could take it to the next support level of 116.79. The pair is expected to find its first resistance at 117.60, and a rise through could take it to the next resistance level of 117.88.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
