USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.93% against the JPY and closed at 102.29.
In the Asian session, at GMT0400, the pair is trading at 102.49, with the USD trading 0.2% higher from yesterday’s close.
This morning, on the macro front, retail trade in Japan rose 2.6% (YoY) in December, compared to a revised rise of 4.1% in the previous month. Market expected retail trade to rise 3.8%. Separately, large retailers’ sales in Japan rose 0.1% in December, lesser than a rise of 0.6% reported in the earlier month.
The pair is expected to find support at 101.74, and a fall through could take it to the next support level of 101.00. The pair is expected to find its first resistance at 103.32, and a rise through could take it to the next resistance level of 104.16.
Ahead in the day, the Japanese Yen is expected to take cues from industrial production, employment and consumer prices data set to release in Japan.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
