USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.37% against the JPY and closed at 124.23.
On Sunday, data revealed that Japan’s non-seasonally adjusted current account surplus in June dropped to ¥558.60 billion, less than market expectations of a surplus of ¥785.90 billion. Bank lending including trusts in the country advanced 2.60% YoY in July. Meanwhile, Japan’s trade surplus stood at ¥102.60 billion in June, after registering a deficit of ¥47.30 billion in the previous month.
In the Asian session, at GMT0300, the pair is trading at 124.35, with the USD trading 0.1% higher from Friday’s close.
The pair is expected to find support at 123.95, and a fall through could take it to the next support level of 123.54. The pair is expected to find its first resistance at 124.92, and a rise through could take it to the next resistance level of 125.48.
Trading trends in the pair today are expected to be determined by the BoJ’s monthly economic survey, slated to release in a few hours.
The currency pair is trading below with its 20 Hr and 50 Hr moving averages.
