Japanese Yen Trading Lower On Easing Speculation By BoJ

Japanese Yen Trading Lower On Easing Speculation By BoJ

For the 24 hours to 23:00 GMT, the USD strengthened 0.16% against the JPY and closed at 79.78, amid positive US economic news.

In the US, the Dallas Fed Manufacturing Business Index climbed to a reading of 1.8 in October, from a reading of -0.9 in September. Also, personal income increased 0.4% (MoM) in September, following a 0.1% rise in August. Also, personal spending rose 0.8% (MoM) in September, after climbing 0.5% in August.

In the Asian session, at GMT0400, the pair is trading at 79.90, with the USD trading 0.16% higher from yesterday’s close.

Today morning, industrial production in Japan declined a seasonally adjusted 4.1% (MoM) in September, compared to a 1.6% drop in August. Meanwhile, average household spending declined 0.9% (YoY) in September, following a 1.8% gain in August. Moreover, on a seasonally adjusted basis, the unemployment rate stood stable at 4.2% in September.

The pair is expected to find support at 79.64, and a fall through could take it to the next support level of 79.38. The pair is expected to find its first resistance at 80.05, and a rise through could take it to the next resistance level of 80.20.

Trading trends in the pair are expected to be determined by the releases of the Bank of Japan (BoJ) interest rate decision and its monetary policy statement, scheduled to be released later today.