USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.15% against the JPY and closed at 123.43.
In the Asian session, at GMT0400, the pair is trading at 123.37, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 123.21, and a fall through could take it to the next support level of 123.04. The pair is expected to find its first resistance at 123.52, and a rise through could take it to the next resistance level of 123.67.
Going ahead, market participants will look forward to Japan’s merchandise trade balance data for October, scheduled to be released overnight. Moreover, the BoJ interest rate decision, scheduled in the early hours tomorrow, will grab a lot of investor attention.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
