USD/JPY: Yen Trading Flat After Yesterday's Fall

USD/JPY: Yen Trading Flat After Yesterday's Fall

For the 24 hours to 23:00 GMT, the USD strengthened 0.20% against the JPY and closed at 82.53.

On a seasonally adjusted monthly basis, wholesale inventories in the US increased 0.6% in October, compared to a 1.1% rise recorded in September. Market had expected wholesale inventories to rise 0.4% MoM in October.

Meanwhile, Reuters has reported that Barack Obama, the US President, has reduced tax revenue demand by $200.0 billion to $1.4 trillion over the next ten years, in a move to avoid the “fiscal cliff” by the year end.

In the Asian session, at GMT0400, the pair is trading at 82.62, with the USD trading flat from yesterday's close.

Data released this morning showed that the tertiary industrial activity in Japan declined less-than-anticipated by 0.1% (MoM) in October, compared to a 0.3% rise posted last month. Additionally, machine orders in Japan climbed 2.6% (MoM) in October, following a 4.3% drop in September.

The pair is expected to find support at 82.39, and a fall through could take it to the next support level of 82.15. The pair is expected to find its first resistance at 82.77, and a rise through could take it to the next resistance level of 82.92.