USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.56% against the JPY and closed at 121.66.
In the Asian session, at GMT0400, the pair is trading at 121.77, with the USD trading 0.09% higher from yesterday’s close.
Early morning data showed that Japan’s preliminary Nikkei manufacturing PMI fell to a level of 52.5 in December, compared to a reading of 52.6 in the previous month.
The pair is expected to find support at 120.92, and a fall through could take it to the next support level of 120.08. The pair is expected to find its first resistance at 122.26, and a rise through could take it to the next resistance level of 122.75.
Going ahead, investors will look forward to Japan’s adjusted merchandise trade balance data for November, scheduled to be released overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
