USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 0.11% against the JPY and closed at 77.65.
In Japan, yesterday, the Leading Index remained stable at 91.5 in October, in line with market expectations. Meanwhile, the Coincident Index rose to 90.3 in October, compared to 89.0 in the previous month. The foreign reserves rose to $1.3 trillion in November, compared to $1.2 trillion in the previous month.
Additionally, this morning, the current account surplus stood at ¥562.4 billion in October, down from ¥1.584 trillion in September.
In the Asian session, at GMT0400, the pair is trading at 77.66, with the USD trading flat from yesterday’s close.
The pair is expected to find support at 77.58, and a fall through could take it to the next support level of 77.51. The pair is expected to find its first resistance at 77.76, and a rise through could take it to the next resistance level of 77.87.
With a series of Japan economic releases today, including Gross Domestic Product (GDP) and money supply, trading in the pair is expected to be influenced by the resulting cues from these releases.
The currency pair is trading just below its 20 Hr and 50 Hr moving averages.
