USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.85% against the JPY and closed at 124.59.
Yesterday, data showed that Japan’s Eco Watchers Survey for the current situation dropped unexpectedly to 53.30, compared to market expectations of a rise to a level of 54.00, while the future outlook index advanced to a level of 54.50, reversing market expectations of a drop to 54.00.
In the Asian session, at GMT0300, the pair is trading at 124.44, with the USD trading 0.12% lower from yesterday’s close.
The pair is expected to find support at 123.95, and a fall through could take it to the next support level of 123.47. The pair is expected to find its first resistance at 125.27, and a rise through could take it to the next resistance level of 126.10.
Meanwhile, investors would monitor Japan’s machine orders data, scheduled overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
