USDJPY Movement
On Friday, the USD strengthened 1.01% against the JPY and closed at 117.51.
In the Asian session, at GMT0400, the pair is trading at 117.07, with the USD trading 0.38% lower from Friday’s close.
Data just released indicated that Japan’s consumer confidence index advanced more than expected to 38.8 in December, beating market forecasts for a rise to a level of 38.5 and compared to prior month’s level of 37.7. Meanwhile, industrial production in Japan slid 0.5% on a MoM basis in November. The nation’s industrial production had fallen 0.6% in October.
The pair is expected to find support at 116.15, and a fall through could take it to the next support level of 115.24. The pair is expected to find its first resistance at 117.89, and a rise through could take it to the next resistance level of 118.71.
Going forward, investors await the BoJ’s monetary policy statement, scheduled on Wednesday.
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
