USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.26% against the JPY and closed at 117.46.
In the Asian session, at GMT0400, the pair is trading at 117.94, with the USD trading 0.41% higher from yesterday’s close.
Early morning data indicated that, Japanese retail sales unexpectedly slid 0.3% on a MoM basis in December, lower than market expectations for a 0.3% rise and compared to 0.2% drop recorded in preceding month. Meanwhile, large retailer’s sales rose less than expected by 0.1% in December, against market forecasts for a 0.5% gain and following 1.1% increase posted in November.
The pair is expected to find support at 117.38, and a fall through could take it to the next support level of 116.82. The pair is expected to find its first resistance at 118.37, and a rise through could take it to the next resistance level of 118.80.
Looking ahead, market participants await Japan’s national CPI data, scheduled overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
