USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.06% against the JPY and closed at 109.09 on Friday.
In the Asian session, at GMT0300, the pair is trading at 109.37, with the USD trading 0.26% higher against the JPY from Friday’s close.
Overnight data indicated that Japan’s preliminary gross domestic product (GDP) advanced 1.0% on a quarterly basis in second quarter of 2017, beating market expectations for a rise of 0.6%, amid robust consumer spending and capital expenditure. In the prior quarter, GDP had climbed 0.3%.
The pair is expected to find support at 108.92, and a fall through could take it to the next support level of 108.48. The pair is expected to find its first resistance at 109.63, and a rise through could take it to the next resistance level of 109.90.
Going ahead, market participants will focus on Japan’s final industrial production data for June, slated to release tomorrow.
The currency pair is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
