USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.49% against the JPY and closed at 99.88.
In the Asian session, at GMT0400, the pair is trading at 99.85, with the USD trading slightly lower from yesterday’s close. Earlier today, Japan’s Cabinet Office reported that its leading economic index rose to a level of 109.2 in September, following a reading of 106.8 recorded in the preceding month. Similarly, Japan’s coincident index edged up to a level of 108.4 in September, from previous month’s reading of 107.6.
The pair is expected to find support at 99.53, and a fall through could take it to the next support level of 99.22. The pair is expected to find its first resistance at 100.20, and a rise through could take it to the next resistance level of 100.55.
Later today, Japan’s Ministry of Finance’s is scheduled to report the nation’s total merchandised trade balance data, which is estimated to post a deficit of ¥813.5 billion in October, less than previous month’s deficit of ¥932.1 billion.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
