USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.6% against the JPY and closed at 112.65.
In the Asian session, at GMT0400, the pair is trading at 112.54, with the USD trading 0.1% lower against the JPY from yesterday’s close.
Overnight data indicated that Japan’s national consumer price index (CPI) rose 0.2% on a yearly basis in October, in line with market expectations. In the prior month, the CPI had registered a rise of 0.7%. Additionally, the nation’s unemployment rate remained steady at 2.8% in October, at par with market expectations.
Other data indicated that the nation’s final Nikkei manufacturing PMI rose less than initially estimated to a level of 53.6 in November, compared to a level of 52.8 in the prior month, while the preliminary figures had indicated an advance to a level of 53.8.
The pair is expected to find support at 111.95, and a fall through could take it to the next support level of 111.37. The pair is expected to find its first resistance at 112.91, and a rise through could take it to the next resistance level of 113.29.
Going forward, Japan’s final 3Q GDP figures, consumer confidence index and the Nikkei services PMI, all due to release next week, will be on investors’ radar.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
