USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.10% against the JPY and closed at 109.46 on Friday.
In the Asian session, at GMT0400, the pair is trading at 109.39, with the USD trading 0.06% lower against the JPY from Friday’s close.
Earlier in the session, Japan’s leading index fell to 91.6 in October, compared to a reading of 91.8 in the previous month. On the other hand, the nation’s coincident index climbed to 95.3 in October, compared to a reading of 94.8 in the previous month.
The pair is expected to find support at 109.25, and a fall through could take it to the next support level of 109.12. The pair is expected to find its first resistance at 109.53, and a rise through could take it to the next resistance level of 109.68.
Looking forward, market participants would keep a close watch on the Bank of Japan’s monetary policy meeting minutes, due to release overnight.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
