USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.05% against the JPY and closed at 111.09 on Friday.
In economic news, construction orders fell 9.3% on a yearly basis in July, compared to a drop of 6.5% in the previous month. Additionally, housing starts declined 0.7% on an annual basis in July, compared to a drop of 7.1% in the previous month. Market expectation was for housing starts to record a fall of 4.1%.
In the Asian session, at GMT0300, the pair is trading at 110.92, with the USD trading 0.15% lower against the JPY from Friday’s close.
Overnight data showed that Japan’s final Nikkei manufacturing PMI rose to 52.5 in August, compared to a reading of 52.3 in the previous month. The preliminary figures had also recorded an advance to a level of 52.5.
The pair is expected to find support at 110.68, and a fall through could take it to the next support level of 110.43. The pair is expected to find its first resistance at 111.18, and a rise through could take it to the next resistance level of 111.43.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
