USDJPY Movement
For the 24 hours to 23:00 GMT, the USD slightly declined against the JPY and closed at 113.78.
In the Asian session, at GMT0400, the pair is trading at 113.91, with the USD trading 0.11% higher against the JPY from yesterday’s close.
Overnight data indicated that Japan’s flash annualised gross domestic product (GDP) retreated 1.2% on a quarterly annual basis in 3Q 2018, as natural disasters hindered the exports and consumption. In the previous quarter, the GDP had recorded a rise of 3.0%, while market participants had expected for a drop of 1.0%. Additionally, the nation’s final industrial production dipped 2.5% on a yearly basis in September, compared to a drop of 2.9% in the previous month.
The pair is expected to find support at 113.70, and a fall through could take it to the next support level of 113.50. The pair is expected to find its first resistance at 114.13, and a rise through could take it to the next resistance level of 114.36.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
