USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.75% against the JPY and closed at 99.74.
In the Asian session, at GMT0300, the pair is trading at 99.70, with the USD trading marginally lower from yesterday’s close.
Data released this morning indicated that the monetary base in Japan advanced 31.6% in May, following a 23.1% rise reported in April. Separately, labour cash earnings climbed 0.3% (YoY) in May, compared to a revised decline of 0.9% in April.
The pair is expected to find support at 98.79, and a fall through could take it to the next support level of 97.87. The pair is expected to find its first resistance at 100.69, and a rise through could take it to the next resistance level of 101.68.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
