USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.77% against the JPY and closed at 117.58.
In the Asian session, at GMT0400, the pair is trading at 118.23, with the USD trading 0.55% higher from yesterday’s close.
Early this morning, data showed that Japan’s preliminary leading index fell to a level of 103.9 in November, in line with investor expectations, from a reading of 104.2 in the previous month. Additionally, the nation’s flash coincident index declined, as expected to a level of 111.6 in November, compared to a reading of 113.3 in the prior month.
The pair is expected to find support at 117.50, and a fall through could take it to the next support level of 116.78. The pair is expected to find its first resistance at 118.78, and a rise through could take it to the next resistance level of 119.34.
Moving ahead, investors will look forward to Japan’s trade balance, consumer confidence and machine tool orders data, all scheduled to be released next week, for further cues.
The currency pair is trading above its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
