USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.70% against the JPY and closed at 120.72.
In the Asian session, at GMT0300, the pair is trading at 120.69, with the USD trading marginally lower from yesterday’s close.
Early morning data showed that the preliminary print of Japan’s manufacturing PMI for October came in at a level of 52.5, marking its highest reading since March 2014 and compared to prior month’s reading of 51.0. Markets were expecting the index to drop to a level of 50.5.
The pair is expected to find support at 119.87, and a fall through could take it to the next support level of 119.05. The pair is expected to find its first resistance at 121.26, and a rise through could take it to the next resistance level of 121.82.
Moving ahead, investors would keep a close eye on Japan’s leading economic and coincident indices data, scheduled in a few hours.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
