USD/JPY: Japanese services sector grew at its weakest pace in 6 months in August


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD marginally declined against the JPY and closed at 109.69.

In the Asian session, at GMT0300, the pair is trading at 109.33, with the USD trading 0.33% lower against the JPY from yesterday’s close.

Data released overnight showed that Japan’s Nikkei services PMI dropped to a level of 51.6 in August, hitting a six-month low level and dampening optimism over the state of the nation’s services sector. The PMI had registered a level of 52.0 in the previous month.

The pair is expected to find support at 109.11, and a fall through could take it to the next support level of 108.88. The pair is expected to find its first resistance at 109.70, and a rise through could take it to the next resistance level of 110.06.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

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