USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.35% against the JPY and closed at 104.93, after a disappointing report on US pending home sales. The pending home sales data rose for the first time in six months in November, according to the National Association of Realtors, but the gain of 0.2% was way much smaller than the expected 1.5% rise.
In the Asian session, at GMT0400, the pair is trading at 104.97, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 104.74, and a fall through could take it to the next support level of 104.52. The pair is expected to find its first resistance at 105.31, and a rise through could take it to the next resistance level of 105.65.
The very important consumer confidence data from the US to be released later today along with the manufacturing PMI reports towards the end of the week would provide further insights into the nation’s growth during the last quarter of 2013.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
