USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.67% against the JPY and closed at 123.23.
In the Asian session, at GMT0300, the pair is trading at 123.36, with the USD trading 0.1% higher from yesterday’s close.
Overnight data showed that monetary base in Japan climbed 34.2% YoY in June, less than previous month’s rise of 35.6%.
The pair is expected to find support at 122.7, and a fall through could take it to the next support level of 122.05. The pair is expected to find its first resistance at 123.75, and a rise through could take it to the next resistance level of 124.14.
Looking ahead, Japan’s services PMI data, scheduled in the early hours tomorrow, would grab investor’s attention.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
