USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 0.05% against the JPY and closed at 76.13, following disappointing US consumer confidence index data.
In Japan, the small business confidence index declined to 46.4 in October, from 47.2 in September.
This morning, the Corporate Service Price Index (CSPI) declined 0.1% (Y-o-Y) to 96.3 in September, from an upwardly revised 0.3% (Y-o-Y) fall in August.
In the US, the Conference Board reported that its consumer confidence index retreated unexpectedly to 39.8 in October, the lowest level since March 2009, from a revised 46.4 in September.
In the Asian session, at GMT0300, the pair is trading at 76.03, with the USD trading 0.13% lower from yesterday’s close.
The pair is expected to find support at 75.75, and a fall through could take it to the next support level of 75.46. The pair is expected to find its first resistance at 76.31, and a rise through could take it to the next resistance level of 76.58.
The pair is expected to trade on the cues from the release of retail trade data in Japan.
The currency pair is showing convergence with its 20 Hr moving average and its trading just below its 50 Hr moving average.
