USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.53% against the JPY and closed at 107.74.
In the Asian session, at GMT0300, the pair is trading at 107.99, with the USD trading 0.23% higher against the JPY from yesterday’s close.
Overnight data indicated that Japan’s retail trade rose 1.2% on a yearly basis in May, in line with market expectations and rising at its quickest pace in 6-months. In the prior month, retail trade had recoded an advance of 0.5%. Meanwhile, the nation’s large retailer’s sales unexpectedly eased 0.5% on a monthly basis in May, defying market consensus for a gain of 0.2%. In the prior month, large retailer’s sales had recorded a drop of 1.8%.
The pair is expected to find support at 107.55, and a fall through could take it to the next support level of 107.12. The pair is expected to find its first resistance at 108.23, and a rise through could take it to the next resistance level of 108.48.
Looking forward, traders would keep an eye on Japan’s jobless rate and industrial production for May, scheduled to release overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
