USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.41% against the JPY and closed at 111.07.
In economic news, Japan’s final coincident index slid to a level of 101.8 in December, following a level of 102.9 in the prior month. The preliminary figures had recorded a drop to 102.3. Moreover, the nation’s final leading economic index declined to a level of 97.5 in December, compared to a reading of 99.1 in the prior month. The preliminary figures had indicated the index to fall to a level of 97.9.
In the Asian session, at GMT0400, the pair is trading at 110.80, with the USD trading 0.24% lower against the JPY from yesterday’s close.
The pair is expected to find support at 110.51, and a fall through could take it to the next support level of 110.21. The pair is expected to find its first resistance at 111.17, and a rise through could take it to the next resistance level of 111.53.
In absence of key economic releases in Japan today, investor sentiment would be determined by global macroeconomic events.
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
