USDJPY Movement
On Friday, the USD weakened 0.10% against the JPY and closed at 124.30.
In the Asian session, at GMT0300, the pair is trading at 124.39, with the USD trading 0.07% higher from Friday’s close.
The Japanese currency lost ground, after Japan’s GDP growth contracted by 0.4% QoQ in the second quarter of 2015, albeit at a lower rate than expected, as exports slumped and consumer spending weakened. However, it turned around sharply after registering an expansion of 1.0% in the preceding quarter.
The pair is expected to find support at 124.12, and a fall through could take it to the next support level of 123.85. The pair is expected to find its first resistance at 124.58, and a rise through could take it to the next resistance level of 124.78.
Going forward, investors look forward to the release of Japan’s adjusted merchandise trade balance, scheduled tomorrow.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
