USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.21% against the JPY and closed at 122.61.
In economic news, the preliminary leading economic index in Japan fell to 106.20 in May, in line with market expectations and compared to a level of 106.40 in the previous month. Meanwhile, the preliminary coincident index slipped to 109.2 in May, from prior month’s 111.0
In the Asian session, at GMT0300, the pair is trading at 122.69, with the USD trading 0.07% higher from yesterday’s close.
The pair is expected to find support at 122.26, and a fall through could take it to the next support level of 121.84. The pair is expected to find its first resistance at 123.03, and a rise through could take it to the next resistance level of 123.37.
Meanwhile, market participants would focus on Japan’s current account and trade balance data, scheduled overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading slightly above its 50 Hr moving average.
