USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.44% against the JPY and closed at 98.29, as US durable goods orders fell for July, adding to disappointing set of data for July that have suggested that economic growth this quarter will probably not accelerate as much as markets had hoped.
In Japan, an official data showed that the nation’s corporate service price remained flat at 0.4% (YoY) in July, meeting analysts’ expectation.
In the Asian session, at GMT0300, the pair is trading at 98.37, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 98.02, and a fall through could take it to the next support level of 97.66. The pair is expected to find its first resistance at 98.75, and a rise through could take it to the next resistance level of 99.12.
With lack of economic releases in Japan, investors eye global economic news for further direction.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
