USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.11% against the JPY and closed at 111.63.
In the Asian session, at GMT0300, the pair is trading at 111.64, with the USD trading slightly higher against the JPY from yesterday’s close.
The pair is expected to find support at 111.30, and a fall through could take it to the next support level of 110.97. The pair is expected to find its first resistance at 112.06, and a rise through could take it to the next resistance level of 112.49.
Moving ahead, investors will keep an eye on Japan’s Nikkei services PMI for July and the Bank of Japan’s June policy meeting minutes, slated to release overnight.
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
