USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.41% against the JPY and closed at 114.10.
In the Asian session, at GMT0400, the pair is trading at 114.42, with the USD trading 0.28% higher against the JPY from yesterday’s close.
Overnight data indicated that Japan’s (BSI) large manufacturing index advanced to a level of 7.5 on a quarterly basis in 4Q 2016. In the prior quarter, the index had registered a reading of 2.9.
The pair is expected to find support at 113.50, and a fall through could take it to the next support level of 112.58. The pair is expected to find its first resistance at 114.95, and a rise through could take it to the next resistance level of 115.48.
Moving ahead, traders would keep a close watch on Japan’s flash Nikkei manufacturing PMI, Tankan large manufacturers index, industrial production, machine orders, tertiary industry index and machine tool orders data, all due to release next week.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
