USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.63% against the JPY and closed at 124.04.
In the Asian session, at GMT0300, the pair is trading at 123.96, with the USD trading 0.06% lower from yesterday’s close.
Early this morning, data showed that Japan’s services PMI edged up to a level of 51.5 in May, from 51.3 recorded in April.
Separately, the BoJ’s board member, Sayuri Shirai stated that there was no immediate requirement to expand Japan’s monetary policy, as the nation’s overall trend of inflation was expected to improve.
The pair is expected to find support at 123.45, and a fall through could take it to the next support level of 122.94. The pair is expected to find its first resistance at 124.77, and a rise through could take it to the next resistance level of 125.58.
Meanwhile, investors would closely monitor the BoJ Governor, Haruhiko Kuroda’s speech, scheduled tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
