USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 1.55% against the JPY and closed at 117.94.
On the economic front, Japan’s consumer confidence index fell to a level of 42.5 in January, in line with market consensus and following a reading of 42.7 in the previous month.
In the Asian session, at GMT0400, the pair is trading at 117.99, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 116.68, and a fall through could take it to the next support level of 115.36. The pair is expected to find its first resistance at 119.68, and a rise through could take it to the next resistance level of 121.37.
Amid no economic releases in Japan today, trading trend in the Yen is expected to be determined by global macroeconomic news.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
