USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.12% against the JPY and closed at 106.46.
In the Asian session, at GMT0300, the pair is trading at 106.56, with the USD trading 0.09% higher against the JPY from yesterday’s close.
The Japanese Yen declined against the US dollar, amid weaker than expected Japan’s inflation data.
Overnight data showed that Japan’s national consumer price inflation slowed to 0.5% on an annual basis in July, from a rate of 0.7% in the previous month. Market participants had expected the inflation to slow to 0.6%.
The pair is expected to find support at 106.33, and a fall through could take it to the next support level of 106.09. The pair is expected to find its first resistance at 106.72, and a rise through could take it to the next resistance level of 106.87.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
