USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 2.04% against the JPY and closed at 118.92.
In economic news, final machine tool orders in Japan remained unchanged at 36.6% in November.
In the Asian session, at GMT0400, the pair is trading at 118.57, with the USD trading 0.3% lower from yesterday’s close.
The pair is expected to find support at 117.17, and a fall through could take it to the next support level of 115.77. The pair is expected to find its first resistance at 119.49, and a rise through could take it to the next resistance level of 120.42.
Meanwhile, market participants await the BoJ’s monetary policy statement, slated for release tomorrow.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
