USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.09% against the JPY and closed at 111.1.
Data showed that Japan’s vehicle sales dropped 0.2% on an annual basis in August. Vehicle sales had advanced 1.2% in the previous month.
In the Asian session, at GMT0300, the pair is trading at 111.13, with the USD trading slightly higher against the JPY from yesterday’s close.
Overnight data indicated that, in Japan, monetary base recorded a rise of 6.9% on an annual basis in August. In the prior month, the monetary base had recorded a rise of 7.0%.
The pair is expected to find support at 110.93, and a fall through could take it to the next support level of 110.73. The pair is expected to find its first resistance at 111.25, and a rise through could take it to the next resistance level of 111.37.
Moving forward, investors would focus on Japan’s Nikkei services PMI for August, slated to release overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
