USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 0.14% against the JPY and closed at 77.95.
In the Asian session, at GMT0400, the pair is trading at 77.94, with the USD trading flat from yesterday’s close.
In Japan, this morning, the industrial production rose 2.4% (MoM) in October, compared to 3.3% decline in the previous month. Additionally, the Nomura/ JMMA manufacturing Purchasing Manager Index (PMI) declined to 49.1 in November, compared to 50.6 in the previous month.
The pair is expected to find support at 77.64, and a fall through could take it to the next support level of 77.35. The pair is expected to find its first resistance at 78.22, and a rise through could take it to the next resistance level of 78.50.
The pair is expected to trade on the cues from the release of housing starts and construction orders data in Japan.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
