USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 0.51% against the JPY and closed at 76.37.
In the Asian session, at GMT0400, the pair is trading at 76.24, with the USD trading 0.17% lower from yesterday’s close.
In Japan, this morning, the Nomura/ JMMA Manufacturing Purchasing Manager Index rose to 50.7 in January, compared to 50.2 in the previous month. On an annual basis, the overall household spending rose 0.5% in December, compared to a 3.2% contraction in November. Meanwhile, the industrial production rose 4.0% (MoM) in December, compared to 2.7% fall in November. However, the unemployment rate stood at 4.6% in December, compared to 4.5% in the previous month.
The pair is expected to find support at 76.04, and a fall through could take it to the next support level of 75.84. The pair is expected to find its first resistance at 76.60, and a rise through could take it to the next resistance level of 76.96.
Trading trends in the pair today are expected to be determined by data release on housing starts in Japan.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
