USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.37% against the JPY and closed at 113.51 on Friday.
In the Asian session, at GMT0400, the pair is trading at 113.58, with the USD trading 0.06% higher against the JPY from Friday’s close.
Overnight data indicated that Japan’s business survey index (BSI) of large manufacturing industries advanced less-than-expected by 9.7% on a quarterly basis in the fourth quarter of 2017, compared to market expectations for a rise of 10.0%. The index had recorded a rise of 9.4% in the previous quarter.
The pair is expected to find support at 113.24, and a fall through could take it to the next support level of 112.91. The pair is expected to find its first resistance at 113.8, and a rise through could take it to the next resistance level of 114.03.
Going ahead, Japan’s tertiary industry index for October, scheduled to release tomorrow, will be eyed by traders.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
