USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.61% against the JPY and closed at 112.49.
In the Asian session, at GMT0400, the pair is trading at 112.60, with the USD trading 0.1% higher against the JPY from yesterday’s close.
Data released overnight showed that Japan’s flash industrial production rose for a third consecutive month, after it climbed by 0.1% on a monthly basis in October, compared to a rise of 0.6% in the prior month. Moreover, the nation’s small business confidence index surprisingly remained steady at a level of 48.3 in November, defying market expectations for it to ease to a level of 48.0.
The pair is expected to find support at 111.86, and a fall through could take it to the next support level of 111.11. The pair is expected to find its first resistance at 113.34, and a rise through could take it to the next resistance level of 114.07.
Moving ahead, investors would closely monitor Japan’s final Nikkei manufacturing PMI for November, scheduled overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
