USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.38% against the JPY and closed at 112.20.
In the Asian session, at GMT0300, the pair is trading at 112.40, with the USD trading 0.18% higher against the JPY from yesterday’s close.
Overnight data showed that Japan’s national consumer price index (CPI) advanced 1.2% on a yearly basis in September, undershooting market consensus for a gain of 1.3%. The CPI had climbed 1.3% in the previous month.
The pair is expected to find support at 112.02, and a fall through could take it to the next support level of 111.63. The pair is expected to find its first resistance at 112.72, and a rise through could take it to the next resistance level of 113.03.
Looking forward, traders would keep an eye on Japan’s machine tool orders and Nikkei manufacturing PMI, both scheduled to release next week.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
