USDJPY Movement
On Friday, the USD strengthened 0.52% against the JPY and closed at 97.58.
In the Asian session, at GMT0300, the pair is trading at 97.61, with the USD trading marginally higher from Friday’s close. This morning, the total merchandise trade deficit in Japan widened to ¥1024.0 billion in July, from a revised deficit of ¥182.3 billion recorded in the previous month. Exports rose by 12.2% (YoY) in July, while imports rose by 19.6% annually in July.
The pair is expected to find support at 97.25, and a fall through could take it to the next support level of 96.88. The pair is expected to find its first resistance at 97.92, and a rise through could take it to the next resistance level of 98.23.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
