USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.10% against the JPY and closed at 109.52.
In the Asian session, at GMT0400, the pair is trading at 109.50, with the USD trading slightly lower against the JPY from yesterday’s close.
Overnight data showed that Japan’s unemployment rate remained steady at 2.4% in October, in line with market expectations. Meanwhile, the nation’s flash industrial production unexpectedly dropped at its quickest pace in 2-years by 7.4% on a yearly basis in October, defying market anticipations for a rise of 1.9%. Industrial production had recorded an increase of 1.3% in the prior month.
The pair is expected to find support at 109.39, and a fall through could take it to the next support level of 109.27. The pair is expected to find its first resistance at 109.61, and a rise through could take it to the next resistance level of 109.71.
Trading trend in the Japanese Yen today, is expected to be determined by construction orders and housing starts for October followed by the consumer confidence index for November, slated to release in a while.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
