USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.45% against the JPY and closed at 119.94.
On the macro front, Japan’s coincident index rose to 113.1 in July, from 112.2 in the previous month. At the same time, the nation’s leading economic index climbed to 105.0 in July, from 104.9 in June.
In the Asian session, at GMT0300, the pair is trading at 119.67, with the USD trading 0.22% lower from yesterday’s close.
The pair is expected to find support at 119.32, and a fall through could take it to the next support level of 118.96. The pair is expected to find its first resistance at 120.24, and a rise through could take it to the next resistance level of 120.81.
Going forward, investors await the release of Japan’s industrial production, retail trade, small business confidence and large retailers’ sales data, scheduled tonight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
