USDJPY Movement
For the 24 hours to 23:00 GMT, the USD traded a tad lower against the JPY and closed at 120.13.
In the Asian session, at GMT0300, the pair is trading at 120.16, with the USD trading slightly higher from yesterday’s close.
The pair is expected to find support at 120.01, and a fall through could take it to the next support level of 119.85. The pair is expected to find its first resistance at 120.30, and a rise through could take it to the next resistance level of 120.44.
Amid lack of any major economic data from Japan, market participants look forward to the release of the nation services PMI data, scheduled later in the week.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
