USDJPY Movement
For the 24 hours to 23:00 GMT, USD strengthened 0.14% against the JPY and closed at 78.08.
In Japan, yesterday, the industrial output advanced 2.2% (MoM) in October, down from an initial estimate of 2.4% growth in the previous month. Additionally, capacity utilization rose 4.1% (MoM) in October, compared to 3.6% decline in the previous month.
This morning, the Bank of Japan (BoJ) in its quarterly Tankan survey revealed that its large manufacturers’ index declined to -4.0 in the fourth quarter of 2011, compared to 2.0 in the third quarter of 2011.
In the Asian session, at GMT0400, the pair is trading at 78.05, with the USD trading 0.03% lower from yesterday’s close.
The pair is expected to find support at 77.93, and a fall through could take it to the next support level of 77.81. The pair is expected to find its first resistance at 78.16, and a rise through could take it to the next resistance level of 78.28.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
