USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.25% against the JPY and closed at 98.20.
In economic news, a report from Japan showed that all industry activity in the nation rose 0.3% (MoM) in August, more than market expectation for a 0.2% rise and compared to a 0.4% increase recorded in the previous month. Meanwhile, Japan’s leading index rose to a level of 106.8 in the month of August, following a reading of 106.5 registered in the preceding month. Whereas, the coincident index of Japan remained unchanged at previous month’s level of 107.6 in the month of August.
In the Asian session, at GMT0300, the pair is trading at 98.34, with the USD trading 0.14% higher from yesterday’s close.
The pair is expected to find support at 98.05, and a fall through could take it to the next support level of 97.77. The pair is expected to find its first resistance at 98.50, and a rise through could take it to the next resistance level of 98.66.
Amid lack of economic releases from Japan, market participants are expected to keep a tab of global economic news for further guidance in the pair.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
