USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.43% against the JPY and closed at 117.88.
In the Asian session, at GMT0400, the pair is trading at 117.48, with the USD trading 0.34% lower from yesterday’s close.
Earlier today, the World Bank trimmed its economic growth forecast for Japan to 1.2%, down from its earlier projection of 1.3% in June.
The pair is expected to find support at 116.92, and a fall through could take it to the next support level of 116.35. The pair is expected to find its first resistance at 118.45, and a rise through could take it to the next resistance level of 119.42.
Meanwhile, investors would keep a tab on Japan’s machine orders data, scheduled in the late hours today.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
