USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.31% against the JPY and closed at 123.29.
In the Asian session, at GMT0400, the pair is trading at 123.33, with the USD trading marginally higher from yesterday’s close.
Early morning data showed that Japan’s Markit services PMI fell to a level of 51.6 in November, after recording a reading of 52.2 in the previous month.
The pair is expected to find support at 122.99, and a fall through could take it to the next support level of 122.65. The pair is expected to find its first resistance at 123.68, and a rise through could take it to the next resistance level of 124.02.
Moving ahead, market participants will look forward to Japan’s consumer confidence index data for November, scheduled to be released tomorrow morning.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
