COZforex: For the past trading session to 23:00 GMT, the USD strengthened 0.16% against the JPY and closed at 79.78, amid positive US economic news. In the Asian session, the pair is trading at 79.90, with the USD trading 0.16% higher from yesterday’s close.

In 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% in September, following a 0.1% rose in August. Also, personal spending rise 0.8% in September, after climbing 0.5% in August.

Today morning, industrial production in Japan dropped a seasonally adjusted 4.1% in September, compared to a 1.6% decline in August. Meantime, average household spending dropped 0.9% in September, following a 1.8% gain in August. Furthermore, on a seasonally adjusted basis, the unemployment rate stood stable at 4.2% in September.

USD/JPY is predicted to find its first resistance at 80.05, and a rose through could take it to the next resistance line of 80.20. Meantime, the pair is predicted to find support at 79.64, and a fell through could take it to the next support line of 79.38.

Trading trends in the pair are predicted 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.

The currency pair is trading just above its 20 Hr and 50 Hr moving averages. (COZ forex UK)

COZ forex Chart: