USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.64% against the JPY and closed at 111.16.
Macroeconomic data revealed that Japan’s small business confidence index registered a rise to a level of 50.0 in July, exceeding market expectations for an advance to a level of 49.8. In the previous month, the index had registered a reading of 49.2.
In the Asian session, at GMT0300, the pair is trading at 110.89, with the USD trading 0.24% lower from yesterday’s close.
The pair is expected to find support at 110.45, and a fall through could take it to the next support level of 110. The pair is expected to find its first resistance at 111.77, and a rise through could take it to the next resistance level of 112.64.
Looking ahead, Japan’s jobless rate, national consumer price index, retail trade and large retailers’ sales, all for June, slated to release overnight, will be on investors’ radar. Additionally, a summary of opinions of the Bank of Japan’s July meeting, will also be eyed by traders.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
