USDJPY Movement
For the 24 hours to 23:00 GMT, the USD marginally weakened against the JPY and closed at 123.39.
In the Asian session, at GMT0300, the pair is trading at 123.43, with the USD trading marginally higher from yesterday’s close.
Overnight data revealed that Japan’s exports slowed down more than expected to 2.4% YoY, marking its slowest pace of expansion in May. In the previous month, the nation’s exports has risen 8.0%. Meanwhile, the nation’s adjusted merchandise trade deficit narrowed to ¥182.50 billion, compared to a revised deficit of ¥239.90 billion in the previous month. Markets were anticipating a deficit of ¥184.00 billion.
The pair is expected to find support at 123.26, and a fall through could take it to the next support level of 123.09. The pair is expected to find its first resistance at 123.63, and a rise through could take it to the next resistance level of 123.83.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
