USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 1.0% against the JPY and closed at 119.47, after consumer confidence in the US for December came in below expectations.
In the Asian session, at GMT0400, the pair is trading at 119.46, with the USD trading tad lower from yesterday’s close.
The pair is expected to find support at 118.71, and a fall through could take it to the next support level of 117.96. The pair is expected to find its first resistance at 120.36, and a rise through could take it to the next resistance level of 121.26.
Amid a national holiday in Japan, trading trends would be determined by global factors.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
