USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.54% against the JPY and closed at 118.49.
Yesterday, the World Bank cut Japan’s 2016 growth forecast by 0.4 points to 1.3%, citing weakness in domestic demand and exports. It further indicated that the nation’s growth pace will slow to 0.9%, down 0.3 points from its earlier June estimate.
In the Asian session, at GMT0400, the pair is trading at 118.2, with the USD trading 0.24% lower from yesterday’s close.
The pair is expected to find support at 117.63, and a fall through could take it to the next support level of 117.07. The pair is expected to find its first resistance at 118.80, and a rise through could take it to the next resistance level of 119.40.
Going ahead, investors will look forward to Japan’s preliminary leading and coincident indices data for November, scheduled to release tomorrow morning.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
