USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.05% against the JPY and closed at 110.60 on Friday.
In the Asian session, at GMT0300, the pair is trading at 110.44, with the USD trading 0.14% lower against the JPY from Friday’s close.
Overnight data revealed that Japan posted a total trade deficit of ¥578.3 billion in May, following a revised surplus of ¥624.6 billion in the previous month. Markets were expecting the nation to post a deficit of ¥205.2 billion.
The pair is expected to find support at 110.19, and a fall through could take it to the next support level of 109.95. The pair is expected to find its first resistance at 110.79, and a rise through could take it to the next resistance level of 111.15.
Amid lack of economic releases in Japan today, traders would focus on global macroeconomic events for further direction.
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
