USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.43% against the JPY and closed at 99.59.
In economic news, Japan’s consumer confidence index fell to a reading of 41.2 in October, defying analysts’ call for a rise to 45.5 from previous month’s reading of 45.4. Meanwhile, the machine tool orders in Japan surged 8.4% (YoY) in October, following a 6.3% fall witnessed in the preceding month.
In the Asian session, at GMT0400, the pair is trading at 99.48, with the USD trading 0.11% lower from yesterday’s close. Earlier today, a report from Japan showed that the nation’s machine orders rose 11.4% (YoY) in September, less than market expectation for a 12.5% rise and compared to a 10.3% increase in August.
The pair is expected to find support at 99.33, and a fall through could take it to the next support level of 99.17. The pair is expected to find its first resistance at 99.72, and a rise through could take it to the next resistance level of 99.96.
Trading trends in the Japanese yen are likely to be determined by a report on Japan’s third-quarter Gross Domestic Product (GDP) growth. Market participants expect the Japanese economy to grow 0.4% (QoQ) in the third quarter, following a 0.9% growth registered in the earlier quarter.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
