USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.61% against the JPY and closed at 117.54.
In the Asian session, at GMT0400, the pair is trading at 117.56, with the USD trading 0.12% lower from yesterday’s close.
Early this morning, data indicated that Japan’s trade balance showed a deficit of ¥271.5 billion in November, following a surplus of ¥200.2 billion in the previous month. Markets expected for a deficit of ¥158.7 billion.
The pair is expected to find support at 117.09, and a fall through could take it to the next support level of 116.62. The pair is expected to find its first resistance at 118.04, and a rise through could take it to the next resistance level of 118.51.
Going ahead, investors will look forward to Japan’s consumer confidence and Eco watchers survey data, both for December, slated to release in a few hours. Additionally, the Bank of Japan Governor, Haruhiko Kuroda’s speech, scheduled later today, will grab a lot of market attention.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
