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


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD rose 0.87% against the JPY and closed at 109.60.

In the Asian session, at GMT0300, the pair is trading at 109.76, with the USD trading 0.15% higher against the JPY from yesterday’s close.

Overnight data revealed that Japan’s retail trade advanced 1.1% MoM in July, compared to a gain of 0.2% in the previous month and beating market consensus for it to climb 0.3%. On the contrary, the nation’s large retailers’ sales dropped 0.2% on a monthly basis in July, at par with market expectations and after recording a rise of 0.2% in the previous month.

The pair is expected to find support at 108.71, and a fall through could take it to the next support level of 107.67. The pair is expected to find its first resistance at 110.36, and a rise through could take it to the next resistance level of 110.97.

Looking forward, investors will pay attention to Japan’s flash industrial production data for July, scheduled to release overnight.

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

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