USD/JPY: Japan’s services sector expanded at a slower pace in July


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD rose 0.37% against the JPY and closed at 110.77.

On the economic front, Japan’s consumer confidence index advanced to four-month high level of 43.8 in July, surpassing market expectations of a rise to a level of 43.5. In the previous month, the index had registered a level of 43.3.

In the Asian session, at GMT0300, the pair is trading at 110.64, with the USD trading 0.12% lower against the JPY from yesterday’s close.

Overnight data showed that the nation’s Markit services PMI declined to a level of 52.0 in July, compared to a reading of 53.3 in the previous month.

The pair is expected to find support at 110.29, and a fall through could take it to the next support level of 109.95. The pair is expected to find its first resistance at 110.98, and a rise through could take it to the next resistance level of 111.33.

The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

This entry was posted in USD/JPY. Bookmark the permalink.

Comments are closed.