USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.35% against the JPY and closed at 106.60 on Friday.
In the Asian session, at GMT0300, the pair is trading at 106.55, with the USD trading 0.05% lower against the JPY from Friday’s close.
On the data front, Japan’s annualised gross domestic product plunged 27.8% in 2Q 2020, more than market expectations for a drop of 27.2% and compared to a fall of 2.2% in the previous quarter.
The pair is expected to find support at 106.33, and a fall through could take it to the next support level of 106.12. The pair is expected to find its first resistance at 106.87, and a rise through could take it to the next resistance level of 107.20.
Moving ahead, traders would keep a watch on Japan’s industrial production for June, slated to release in a few hours.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
