USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.35% against the JPY and closed at 120.39.
Yesterday, Japan’s consumer confidence rose to 41.70 in August, beating a market estimate of 40.60 after falling in the previous month to 40.30. Meanwhile Japan machinery orders fell 3.60% MoM, below forecasts for a 3.30% rise, albeit improving from the previous decline of 7.90%.
In the Asian session, at GMT0300, the pair is trading at 120.34, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 119.81, and a fall through could take it to the next support level of 119.27. The pair is expected to find its first resistance at 121.04, and a rise through could take it to the next resistance level of 121.74.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
