USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.67% against the JPY and closed at 101.72.
The greenback lost momentum, despite better-than-expected US GDP figure and a notable decline in claims for US unemployment benefits.
In the Asian session, at GMT0400, the pair is trading at 101.97, with the USD trading 0.25% higher from yesterday’s close.
This morning, a leading indicator of the Japanese economy rose to a level of 109.9 in October, in line with market estimates and following a reading of 109.2 reported in the previous month. Meanwhile, the coincident index climbed less-than-expected to a reading of 109.6 in October, as compared to a reading of 10.8.4 reported in September.
The pair is expected to find support at 101.60, and a fall through could take it to the next support level of 101.22. The pair is expected to find its first resistance at 102.37, and a rise through could take it to the next resistance level of 102.76.
With a relatively light economic calendar on the domestic front, news coming from the global front would determine the trading trends in the Japanese Yen today.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
