USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.76% against the JPY and closed at 104.67.
In the Asian session, at GMT0300, the pair is trading at 104.46, with the USD trading 0.2% lower against the JPY from yesterday’s close.
The pair is expected to find support at 103.83, and a fall through could take it to the next support level of 103.2. The pair is expected to find its first resistance at 105.07, and a rise through could take it to the next resistance level of 105.68.
With no significant macroeconomic releases in Japan today, market participants will look forward to the nation’s Nikkei manufacturing PMI along with leading economic and coincident indices data, scheduled to release tomorrow.
The currency pair is trading below its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
