USDJPY Movement
On Friday, the USD weakened 0.17% against the JPY and closed at 98.16.
In Japan, a government report showed that housing starts in the nation declined 12.0% (YoY) in July, lower than analysts’ expectation for a fall to 14.5% from a 15.3% rise seen in the previous month. Whereas, the nation’s construction orders fell 13.7% (YoY) in July, compared to a 21.9% rise registered in the earlier month.
In the Asian session, at GMT0300, the pair is trading at 98.63, with the USD trading 0.48% higher from Friday’s close.
Early this morning, a government report depicted that capital spending in Japan rose to a reading of 0.0% during second quarter, far above analyst consensus for decline to 2.0%, following a 3.9% drop registered in the previous month.
The pair is expected to find support at 98.11, and a fall through could take it to the next support level of 97.59. The pair is expected to find its first resistance at 98.92, and a rise through could take it to the next resistance level of 99.21.
Investors are expected to keep a close watch over the release of Japan’s vehicle sales data and a report on the nation’s monetary base, slated to release later during the day.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
