For the 24 hours to 23:00 GMT, the USD rose 0.84% against the JPY and closed at 109.47.

In the Asian session, at GMT0400, the pair is trading at 109.57, with the USD trading 0.09% higher against the JPY from yesterday’s close.

Overnight data indicated that Japan’s final industrial production declined more-than-expected by 7.7% on an annual basis in October, compared to a rise of 1.3% in the prior month. Market participants and preliminary figures had expected industrial production to register a fall 7.4%.

- advertisement -

The pair is expected to find support at 108.87, and a fall through could take it to the next support level of 108.17. The pair is expected to find its first resistance at 109.95, and a rise through could take it to the next resistance level of 110.33.

Looking ahead, traders would await the Bank of Japan’s interest rate decision along with Japan’s manufacturing PMI trade balance data and national consumer price index, all set to release next week.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.