USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.57% against the JPY and closed at 117.77.
In economic news, Japan’s small business confidence index eased to 46.3 in January, compared to a level of 46.7 registered in the prior month
In the Asian session, at GMT0400, the pair is trading at 118.16, with the USD trading 0.33% higher from yesterday’s close.
The pair is expected to find support at 117.54, and a fall through could take it to the next support level of 116.92. The pair is expected to find its first resistance at 118.57, and a rise through could take it to the next resistance level of 118.99.
Going forward, investors await Japan’s retail trade data, scheduled overnight.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
