USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.81% against the JPY and closed at 118.90.
In the Asian session, at GMT0400, the pair is trading at 118.87, with the USD trading a tad lower from yesterday’s close.
Data just released indicated that final industrial production in Japan rose 0.4% on a monthly basis in October, higher than previous month’s rise of 0.2%.
The pair is expected to find support at 117.96, and a fall through could take it to the next support level of 117.05. The pair is expected to find its first resistance at 119.68, and a rise through could take it to the next resistance level of 120.48.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
