USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.58% against the JPY and closed at 103.26, despite an unexpected slump in US durable goods orders in December. The greenback extended its profits after the consumer confidence rose for a second month in January, the highest reading since August.
In the Asian session, at GMT0400, the pair is trading at 103.23, with the USD trading marginally lower from yesterday’s close.
This morning, Japanese Prime Minister, Shinzo Abe indicated that recovery in the nation is spreading out through economy. He further added that the world is keeping a close eye on Japan’s revival and the expectation that the current account deficit would become a permanent feature would not hold true. Meanwhile, the Japanese Finance Minister, Taro Aso stated that the Japan regional economies is showing improvement in the Q4 assessment and improvements witnessed mainly in consumer sentiment and production.
The pair is expected to find support at 102.72, and a fall through could take it to the next support level of 102.20. The pair is expected to find its first resistance at 103.60, and a rise through could take it to the next resistance level of 103.97.
Trading trends in the pair today are expected to be determined by Japanese retail data.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
