USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.57% against the JPY and closed at 121.40.
Data showed that Japan’s final leading economic index dropped to a level of 103.5 in August, from a reading of 105.0 in the prior month. The preliminary figures had also indicated a drop to 103.5. At the same time, the nation’s final coincident index fell to a level of 112.2 in August, compared to a reading of 113.1 in July. It was initially estimated to fall to a level of 112.5.
In the Asian session, at GMT0400, the pair is trading at 121.12, with the USD trading 0.23% lower from Friday’s close.
The pair is expected to find support at 120.40, and a fall through could take it to the next support level of 119.68. The pair is expected to find its first resistance at 121.67, and a rise through could take it to the next resistance level of 122.21.
Moving ahead, investors will concentrate on Japan’s retail trade and large retailer’s sales data, both for the month of September, scheduled to be released tomorrow.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
