USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.96% against the JPY and closed at 120.60.
In the Asian session, at GMT0400, the pair is trading at 120.35, with the USD trading 0.21% lower from yesterday’s close.
Overnight data showed that Japan’s M3 money supply recorded a rise of 2.9% on an annual basis in November, higher than market expectations for a rise of 2.6%. In the previous month, M3 money supply had risen 2.6%.
The pair is expected to find support at 119.83, and a fall through could take it to the next support level of 119.31. The pair is expected to find its first resistance at 121.24, and a rise through could take it to the next resistance level of 122.14.
Meanwhile, investors await Japan’s BSI large manufacturing index data, scheduled overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
