USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.5% against the JPY and closed at 111.87.
In economic news, Japan’s final leading economic index fell to a level of 104.2 in April, following a revised level of 105.7 in the prior month, while the preliminary figures had recorded a drop to a level of 104.5. Meanwhile, the nation’s final coincident index climbed to a level of 117.1 in April, compared to an advance to a level of 117.7 registered in the flash estimate. In the prior month, the index had recorded a level of 114.4.
In the Asian session, at GMT0300, the pair is trading at 111.91, with the USD trading marginally higher against the JPY from yesterday’s close.
The pair is expected to find support at 111.43, and a fall through could take it to the next support level of 110.96. The pair is expected to find its first resistance at 112.23, and a rise through could take it to the next resistance level of 112.56.
Moving ahead, investors will focus on Japan’s small business confidence index for June, slated to release tomorrow.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
