USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.16% against the JPY and closed at 108.58 on Friday.
In the Asian session, at GMT0400, the pair is trading at 108.58, with the USD trading flat against the JPY from Friday’s close.
Overnight data showed that Japan’s final gross domestic product (GDP) advanced 0.4% on a quarterly basis in 3Q 2019, compared to a rise of 0.3% in the previous quarter. The preliminary figures had recorded an advance of 0.1%. Additionally, the nation’s trade surplus (BOP basis) widened to ¥254.00 billion in October, compared to a surplus of ¥1.10 billion in the previous month.
The pair is expected to find support at 108.43, and a fall through could take it to the next support level of 108.29. The pair is expected to find its first resistance at 108.82, and a rise through could take it to the next resistance level of 109.07.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
