USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.75% against the JPY and closed at 117.80.
In the Asian session, at GMT0300, the pair is trading at 117.8, with the USD trading flat from yesterday’s close.
Earlier today, data showed that Japan’s flash manufacturing PMI unexpectedly declined to a level of 52.4 in January, compared to market expectation of a rise to a level of 52.8 and after recording a reading of 52.6 in the preceding month.
The pair is expected to find support at 116.86, and a fall through could take it to the next support level of 115.91. The pair is expected to find its first resistance at 118.35, and a rise through could take it to the next resistance level of 118.9.
Going forward, investors would monitor Japan’s retail trade, unemployment rate, industrial production data scheduled next week.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
