USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 0.19% against the JPY and closed at 77.16.
Rating agency, Standard and Poor’s stated that Japanese Prime Minister, Yoshihiko Noda’s administration had not made progress in tackling the public debt burden, an indication it might be preparing to lower the nation’s sovereign grade.
In Japan, this morning, the core Consumer Price Index (CPI) declined 0.1% (YoY) in October, following a 0.2% increase in the previous month. On a year-on-year basis, Corporate Service Price Index (CSPI) rose 0.1% in October, after remaining flat in September.
In the Asian session, at GMT0400, the pair is trading at 77.41, with the USD trading 0.33% higher from yesterday’s close.
The pair is expected to find support at 77.11, and a fall through could take it to the next support level of 76.81. The pair is expected to find its first resistance at 77.63, and a rise through could take it to the next resistance level of 77.84.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
