USD/JPY: Japanese Yen Reversed Its Gains In The Asian Session
For the 24 hours to 23:00 GMT, the USD declined 0.07% against the JPY and closed at 115.83.
In the Asian session, at GMT0400, the pair is trading at 116.00, with the USD trading 0.15% higher against the JPY from yesterday’s close.
Early morning data showed that Japan’s preliminary leading index advanced more-than-expected to a level of 102.7 in November, compared to a reading of 100.8 in the previous month. Further, the nation’s flash coincident index climbed higher-than-anticipated to a level of 115.1 in November, following a reading of 113.5 in the preceding month.
The pair is expected to find support at 115.34, and a fall through could take it to the next support level of 114.68. The pair is expected to find its first resistance at 116.50, and a rise through could take it to the next resistance level of 117.00.
Looking ahead, investors will closely monitor Japan’s trade balance (BOP basis) for November accompanied with adjusted merchandise trade balance and Eco-Watchers survey, both for December, scheduled to release overnight.
The currency pair is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.