USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.15% against the JPY and closed at 122.64.
In the Asian session, at GMT0400, the pair is trading at 122.58, with the USD trading marginally lower from yesterday’s close.
Early morning data showed that Japan’s final industrial production rose slightly by 1.1% MoM in September, after dropping by 1.2% in the previous month. The preliminary figures had indicated a rise of 1.0%. Meanwhile, the nation’s tertiary industry index declined unexpectedly by 0.4% MoM during the same month, after recording a rise of 0.1% in the previous month. Investors had expected it to remain unchanged.
The pair is expected to find support at 122.35, and a fall through could take it to the next support level of 122.13. The pair is expected to find its first resistance at 122.95, and a rise through could take it to the next resistance level of 123.32.
Moving ahead, investors will look forward to Japan’s preliminary Q3 GDP data and the BoJ’s interest rate decision, scheduled to be announced next week.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
