USDJPY Movement
On Friday, the USD weakened 0.91% against the JPY and closed at 119.06.
In the Asian session, at GMT0300, the pair is trading at 119.35, with the USD trading 0.24% higher from Friday’s close.
Overnight data showed that Japan’s foreign reserves increased to $1,244.2 billion in August, from July’s level of 1,242.3 billion.
The pair is expected to find support at 118.69, and a fall through could take it to the next support level of 118.03. The pair is expected to find its first resistance at 119.91, and a rise through could take it to the next resistance level of 120.47.
Going ahead, Japan’s final estimate of Q2 GDP growth data, scheduled in the late hours today, would keep investors on their toes.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
