USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.09% against the JPY and closed at 112.85.
In the Asian session, at GMT0300, the pair is trading at 112.77, with the USD trading 0.07% lower against the JPY from yesterday’s close.
The Japanese yen climbed against the dollar, after Japan posted a trade surplus of ¥721.4 billion in June, following a trade deficit of ¥578.3 billion in the prior month.
The pair is expected to find support at 112.57, and a fall through could take it to the next support level of 112.36. The pair is expected to find its first resistance at 113.06, and a rise through could take it to the next resistance level of 113.34.
Going forward, investors would closely monitor Japan’s final machine tool orders for June, due to be released in a while and the national consumer price index for June, set to release overnight.
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
