USD/JPY: Japan’s service sector activity slows in September


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD declined 0.32% against the JPY and closed at 113.65.

Macroeconomic data showed that Japan’s consumer confidence index unexpectedly rose to a level of 43.4 in September, defying market anticipations for a fall to a level of 43.1. In the preceding month, the index had recorded a level of 43.3.

In the Asian session, at GMT0300, the pair is trading at 113.79, with the USD trading 0.12% higher against the JPY from yesterday’s close.

Overnight data revealed that the nation’s Nikkei services PMI slowed to a 2-year low level of 50.2 in September. In the previous month, the PMI had registered a level of 51.5.

The pair is expected to find support at 113.55, and a fall through could take it to the next support level of 113.30. The pair is expected to find its first resistance at 114.01, and a rise through could take it to the next resistance level of 114.22.

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

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