USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.14% against the JPY and closed at 103.18.
In the Asian session, at GMT0300, the pair is trading at 103.30, with the USD trading 0.12% higher against the JPY from yesterday’s close.
Overnight data showed that Japan’s monetary base advanced 24.2% in August. However, it marked the slowest rate of growth in over a year and is lower as compared to the 24.7% surge recorded in the previous month.
The pair is expected to find support at 102.93, and a fall through could take it to the next support level of 102.55. The pair is expected to find its first resistance at 103.84, and a rise through could take it to the next resistance level of 104.37.
Investors would now concentrate on Japan’s Q2 GDP, Eco Watchers survey, leading and coincident indices data, all slated to release next week.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
