USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.06% against the JPY and closed at 102.38, after the ADP’s national employment report, private payrolls added 215,000 jobs in November, beating expectations of 170,000 new jobs and outpacing October’s figures, of 184,000 jobs, thereby, adding speculation that the Federal Reserve would reduce stimulus in the near future. Meanwhile, the latest release of the Federal Reserve’s Beige Book affirmed that the economic conditions in the US expanded at a moderate to modest pace from early October through mid-November.
In the Asian session, at GMT0400, the pair is trading at 102.27, with the USD trading 0.11% lower from yesterday’s close.
The pair is expected to find support at 101.77, and a fall through could take it to the next support level of 101.28. The pair is expected to find its first resistance at 102.80, and a rise through could take it to the next resistance level of 103.34.
The release of the US GDP data along with the jobless claims later in the day would determine the trading trends for the pair.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
