USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.07% against the JPY and closed at 112.60 on Friday.
In the Asian session, at GMT0400, the pair is trading at 112.36, with the USD trading 0.21% lower against the JPY from Friday’s close.
Data indicated that Japan’s final gross domestic product (GDP) fell at its fastest pace in four years by 0.6% on a quarterly basis in 3Q 2018, less than market expectations for a fall of 0.5%. The preliminary figures had recorded a drop of 0.3%, while GDP had registered a rise of 0.7% in the prior month. Furthermore, the nation posted a trade deficit of ¥321.7 billion in October, following a surplus of ¥323.3 billion in the previous month. Additionally, adjusted current account surplus narrowed to ¥1211.3 billion in October, compared to a surplus of ¥1334.0 billion in the preceding month.
The pair is expected to find support at 112.09, and a fall through could take it to the next support level of 111.82. The pair is expected to find its first resistance at 112.78, and a rise through could take it to the next resistance level of 113.20.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
