USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.99% against the JPY and closed at 121.38.
In the Asian session, at GMT0400, the pair is trading at 121.23, with the USD trading 0.13% lower from Friday’s close.
Early this morning, data showed that Japan’s all industry activity index rose more-than-anticipated by 1.0% MoM in October, compared to investor expectations for an advance of 0.9%, following a 0.2% drop in the previous month.
The pair is expected to find support at 120.31, and a fall through could take it to the next support level of 119.40. The pair is expected to find its first resistance at 122.86, and a rise through could take it to the next resistance level of 124.49.
Moving ahead, market participants will concentrate on Japan’s small business confidence index data for December, scheduled to be released in the early hours tomorrow, for further cues.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
