USDJPY Movement
For the 24 hours to 23:00 GMT, the USD traded a tad lower against the JPY and closed at 119.80.
In the Asian session, at GMT0400, the pair is trading at 119.92, with the USD trading 0.1% higher from yesterday’s close.
Data just released showed that Japan’s leading economic index dropped to a level of 104.0 in October, after advancing to a level of 105.6 in the preceding month, while the nation’s coincident index rose to a level of 110.2 in October, following a reading of 109.8 in September.
Overnight data indicated that, Japan’s foreign exchange reserves rose to $1269.1 billion in November, compared to a level of $1265.9 in the previous month.
The pair is expected to find support at 119.42, and a fall through could take it to the next support level of 118.92. The pair is expected to find its first resistance at 120.34, and a rise through could take it to the next resistance level of 120.76.
Going forward, investor await Japan’s final Q3 GDP estimate, scheduled over the weekend.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
