USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.31% against the JPY and closed at 113.08.
In the Asian session, at GMT0400, the pair is trading at 112.98, with the USD trading 0.09% lower against the JPY from yesterday’s close.
Overnight data showed that Japan’s national consumer price index (CPI) climbed 1.4% on an annual basis in October, compared to an advance of 1.2% in the previous month. Market participants had envisaged the CPI to rise to 1.4%.
Meanwhile, the OECD downgraded its growth projections for Japan in 2018 from 1.2% to 0.9% and in 2019 from 1.2% to 1.0%. The organisation expects the economy to grow 0.7% in 2020.
The pair is expected to find support at 112.78, and a fall through could take it to the next support level of 112.58. The pair is expected to find its first resistance at 113.20, and a rise through could take it to the next resistance level of 113.42.
Going ahead, traders would await Japan’s Nikkei PMI manufacturing for November, scheduled to release overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
