USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.09% against the JPY and closed at 108.96.
Data showed that Japan’s flash machine tool orders plunged 37.4% on an annual basis in October, following a drop of 35.5% in the previous month.
In the Asian session, at GMT0400, the pair is trading at 109.04, with the USD trading 0.07% higher against the JPY from yesterday’s close.
Overnight data showed that Japan’s producer price index (PPI) declined -0.4% on an annual basis in October, more than market consensus for a fall of -0.3%. In the preceding month, the PPI had recorded a drop of -1.1%.
The pair is expected to find support at 108.84, and a fall through could take it to the next support level of 108.65. The pair is expected to find its first resistance at 109.26, and a rise through could take it to the next resistance level of 109.49.
Trading trend in the Japanese Yen today, is expected to be determined by Japan’s annualised gross domestic product for 3Q, slated to release overnight.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
