USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 1.03% against the JPY and closed at 121.63.
In the Asian session, at GMT0400, the pair is trading at 121.65, with the USD trading marginally higher from yesterday’s close.
Overnight data showed that Japan’s BSI Large Manufacturing industries index rose to a level of 3.8 QoQ in 4Q 2015, after registering a reading of 11.0 in the previous quarter.
The pair is expected to find support at 120.86, and a fall through could take it to the next support level of 120.07. The pair is expected to find its first resistance at 122.65, and a rise through could take it to the next resistance level of 123.65.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
