USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.18% against the JPY and closed at 120.50.
In the Asian session, at GMT0300, the pair is trading at 120.44, with the USD trading a tad lower from Friday’s close.
Earlier today, data showed that Japan’s tertiary industry index advanced 0.2% on MoM basis in July, compared with earlier month’s 0.3% rise. Meanwhile, industrial production declined 0.8% on a monthly basis in the month of July, from previous month’s fall of 0.6%.
The pair is expected to find support at 120.24, and a fall through could take it to the next support level of 120.04. The pair is expected to find its first resistance at 120.77, and a rise through could take it to the next resistance level of 121.09.
Market participants will focus on Bank of Japan’s monetary policy statement, which will release on Tuesday.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
