USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.80% against the JPY and closed at 96.57.
In the Asian session, at GMT0300, the pair is trading at 96.74, with the USD trading 0.18% higher from yesterday’s close. The Yen declined, after economic data showed that Japanese current account surplus fell to ¥336.3 billion in June, following a surplus of ¥540.7 billion in May. Meanwhile, trade deficit in Japan contracted to ¥139.2 billion in June from a deficit of ¥906.7 billion in May.
The Bank of Japan kept its interest rate unchanged at 0.1% and also maintained pace of monetary easing plan intact.
The pair is expected to find support at 96.20, and a fall through could take it to the next support level of 95.67. The pair is expected to find its first resistance at 97.38, and a rise through could take it to the next resistance level of 98.02.
Japanese economic calendar today is filled with Eco watchers survey’s current account index, money supply and tertiary industry index data.
The currency pair is showing convergence with its 20 Hr moving average and is trading below 50 Hr moving average.
