USD/JPY: Japanese Yen trading lower in the Asian session


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD marginally rose against the JPY and closed at 110.36.

In the Asian session, at GMT0300, the pair is trading at 110.54, with the USD trading 0.16% higher against the JPY from yesterday’s close.

Overnight data indicated that Japan’s monetary base climbed 15.6% on an annual basis in July. The monetary base had risen 17.0% in the prior month.

The pair is expected to find support at 110.11, and a fall through could take it to the next support level of 109.69. The pair is expected to find its first resistance at 110.78, and a rise through could take it to the next resistance level of 111.03.

Going ahead, Japan’s Nikkei services PMI for July, set to be released overnight, will be on investors’ radar.

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

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