USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.031% against the JPY and closed at 120.29.
In the Asian session, at GMT0300, the pair is trading at 120.17, with the USD trading 0.07% lower from yesterday’s close.
Overnight data revealed that on a seasonally adjusted basis, Japan’s national core consumer price inflation fell 0.1% in August, meeting market expectations, led by weak domestic demand and plunging oil prices. The indicator had registered a flat reading in the previous month.
Going ahead, market participants would wait for the release of Japan’s unemployment rate and industrial production, both for the month of August, scheduled in the next week.
The pair is expected to find support at 119.47, and a fall through could take it to the next support level of 118.76. The pair is expected to find its first resistance at 120.63, and a rise through could take it to the next resistance level of 121.09.
The currency pair is trading above its 20 Hr moving average and is convergence with its 50 Hr moving average.
