USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 1.24% against the JPY and closed at 123.23.
In the Asian session, at GMT0400, the pair is trading at 123.35, with the USD trading marginally higher from Friday’s close.
Overnight data indicated that, Japan’s foreign reserves declined to ¥1,244.2 billion in October, from ¥1,248.9 billion in the previous month.
Early morning data showed that the nation’s labour cash earnings rose more-than-expected by 0.6% YoY in September, from a downwardly revised 0.4% in the previous month. Investors had expected it to rise 0.5%.
The pair is expected to find support at 122.17, and a fall through could take it to the next support level of 120.99. The pair is expected to find its first resistance at 124, and a rise through could take it to the next resistance level of 124.66.
Going ahead, investors will look forward to Japan’s trade balance data for September, scheduled overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
