USD/JPY: Japan’s overall household spending declined in June


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD declined 0.09% against the JPY and closed at 105.52.

In the Asian session, at GMT0300, the pair is trading at 105.57, with the USD trading 0.05% higher against the JPY from yesterday’s close.

Overnight data showed that Japan’s overall household spending slid 1.2% on a yearly basis in June, less than market expectations for a drop of 7.5% and compared to a decline of 16.2% in the previous month.

The pair is expected to find support at 105.35, and a fall through could take it to the next support level of 105.12. The pair is expected to find its first resistance at 105.75, and a rise through could take it to the next resistance level of 105.92.

Moving ahead, traders would keep a watch on Japan’s leading economic index and the coincident index, both for June, slated to release in a few hours.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

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