USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose marginally against the JPY and closed at 117.72.
In economic news, Japan’s consumer confidence unexpectedly rose to a level of 42.7 in December, compared to market expectation of 42.3 and following a previous month’s reading of 42.6. Additionally, the nation’s Eco watchers index increased more-than-expected to a four-month high level of 48.7 in December. Investors expected it to increase to a level of 46.7, compared to previous month’s reading of 46.1.
Separately, the BoJ Governor, Haruhiko Kuroda, stated that Japan’s inflation is improving steadily, led by a strengthening labour market in the country.
In the Asian session, at GMT0400, the pair is trading at 118.26, with the USD trading 0.46% higher from yesterday’s close.
The pair is expected to find support at 117.53, and a fall through could take it to the next support level of 116.81. The pair is expected to find its first resistance at 118.68, and a rise through could take it to the next resistance level of 119.10.
Moving ahead, market participants will look forward to Japan’s machinery orders for November, scheduled to release later today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
