USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.08% against the JPY and closed at 113.54.
In the Asian session, at GMT0400, the pair is trading at 113.51, with the USD trading marginally lower against the JPY from yesterday’s close.
Early morning data showed that Japan’s tertiary industry index rebounded 0.3% on a monthly basis in October, beating market expectations for a rise of 0.2%. In the prior month, the index had recorded a drop of 0.2%.
The pair is expected to find support at 113.29, and a fall through could take it to the next support level of 113.06. The pair is expected to find its first resistance at 113.69, and a rise through could take it to the next resistance level of 113.86.
Looking forward, Japan’s machinery orders for October, scheduled to release overnight, will be eyed by investors.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
