USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.69% against the JPY and closed at 105.25.
In the Asian session, at GMT0300, the pair is trading at 105.1, with the USD trading 0.14% lower against the JPY from yesterday’s close.
The Japanese Yen gained ground, after Japan’s unemployment rate surprisingly dropped to 3.0% in September, compared to market expectations for it to remain steady at a level of 3.1%, recorded in the prior month. On the other hand, the nation’s national consumer price index (CPI) dropped by 0.5% YoY in September, at par with market expectations, indicating that the Bank of Japan (BoJ) is struggling to spur inflation in the world’s third largest economy. Meanwhile, the CPI had registered a similar fall in the prior month.
The pair is expected to find support at 104.47, and a fall through could take it to the next support level of 103.83. The pair is expected to find its first resistance at 105.54, and a rise through could take it to the next resistance level of 105.97.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
