USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.50% against the JPY and closed at 110.63.
In the Asian session, at GMT0300, the pair is trading at 110.83, with the USD trading 0.18% higher against the JPY from yesterday’s close.
On the data front, Japan posted a trade deficit of ¥231.2 billion in July, following a trade surplus of ¥721.4 billion in the prior month. Market expectation was for the nation to register a trade deficit of ¥41.2 billion.
The pair is expected to find support at 110.38, and a fall through could take it to the next support level of 109.93. The pair is expected to find its first resistance at 111.33, and a rise through could take it to the next resistance level of 111.83.
With no macroeconomic releases in japan today, investors would look forward to global macroeconomic releases for further directions.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
