USDJPY Movement
For the 24 hours to 23:00 GMT, USD strengthened 0.42% against the JPY and closed at 77.94. Japanese yen came under pressure, after Japan’s consumer confidence data disappointed investors.
In Japan, yesterday, the Consumer Confidence Index fell to 38.1 in November, compared to 38.6 in October.
This morning, the Tertiary Industry Activity Index rose 0.6% (MoM) in October, compared to 0.7% contraction in the previous month.
In the Asian session, at GMT0400, the pair is trading at 77.86, with the USD trading 0.10% lower from yesterday’s close.
The pair is expected to find support at 77.63, and a fall through could take it to the next support level of 77.40. The pair is expected to find its first resistance at 78.05, and a rise through could take it to the next resistance level of 78.23.
Bank of Japan (BoJ) monthly economic survey is likely to receive increased market attention today.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
