USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.46% against the JPY and closed at 108.44.
In the Asian session, at GMT0400, the pair is trading at 108.28, with the USD trading 0.15% lower against the JPY from yesterday’s close.
Overnight data indicated that Japan’s trade deficit (BOP basis) widened to ¥559.1 billion in November, compared to a deficit of ¥321.7 billion in the prior month. Market participants had envisaged the nation’s trade deficit to expand to ¥612.6 billion. Meanwhile, the nation’s household spending eased for the third consecutive month by 0.6% on a yearly basis in November, compared to a drop of 0.3% in the preceding month. The pair is expected to find support at 107.86, and a fall through could take it to the next support level of 107.44. The pair is expected to find its first resistance at 108.61, and a rise through could take it to the next resistance level of 108.94.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
