USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.22% against the JPY and closed at 108.60.
In the Asian session, at GMT0300, the pair is trading at 108.55, with the USD trading slightly lower against the JPY from yesterday’s close.
The pair is expected to find support at 108.40, and a fall through could take it to the next support level of 108.24. The pair is expected to find its first resistance at 108.76, and a rise through could take it to the next resistance level of 108.98.
Going forward, investors would closely monitor Japan’s consumer confidence index for July along with housing starts and construction orders for June, set to release in a while.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
