USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 1.28% against the JPY and closed at 122.81.
In the Asian session, at GMT0300, the pair is trading at 123.07, with the USD trading 0.21% higher from yesterday’s close.
Overnight data revealed that Japan’s business survey index (BSI) of large manufacturing industries dropped 6.0% QoQ, on a seasonally adjusted basis, in 2Q 2015, from a rise 2.4% registered in the preceding quarter.
The pair is expected to find support at 122.14, and a fall through could take it to the next support level of 121.21. The pair is expected to find its first resistance at 124.31, and a rise through could take it to the next resistance level of 125.56.
Going forward, market participants await the release of Japan’s industrial production as well as tertiary industry index data, scheduled tomorrow for further cues.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
