Close of the Asian Session

Economic Events:

23:30                    JPY         Industrial Production (MoM)                     -2.40%                 -2.60%

Industrial Production measures the change in the total inflation-adjusted value of output produced by manufacturers, mines, and utilities.

A higher than expected reading should be taken as positive/bullish for the JPY, while a lower than expected reading should be taken as negative/bearish for the JPY.

 

Analysis and Recommendation:

Levels of Support and Resistance can be found today at:

S:            76.4781 76.5908 76.7101

R:            76.9421 77.0548 77.1741

USD/JPY was trading at 76.70, down 0.12% at time of writing.

The pair was likely to find support at 76.67, Friday's low, and resistance at 77.08, Monday's high.

Earlier in the day, official data showed that Japan's tertiary industry activity index fell more-than-expected to a seasonally adjusted -0.8% last month from 0.7% in the preceding month whose figure was revised up from 0.6%. Economist had expected Japanese tertiary industry activity index to fall -0.4% last month.

Japanese household confidence in December improved from the previous month, a Cabinet Office survey showed on Monday, but worries about the economy and wobbly financial markets cloud the outlook.

The survey's sentiment index for general households, which includes views on incomes and jobs, was 38.9 in December, up from 38.1 in November. A reading below 50 suggests consumer pessimism.

This duet definitely went to sleep last night with virtually no activity, which is understandable with US markets closed. An .18 pip range yesterday hardly provided many opportunities for traders to take advantage of with recent trading range still firmly in place. Expect the same today, little action here.