USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.44% against the JPY and closed at 105.14.
On the data front, Japan’s small business confidence index advanced to a level of 47.8 in July, compared to a level of 46.5 in the previous month.
In the Asian session, at GMT0300, the pair is trading at 104.88, with the USD trading 0.25% lower against the JPY from yesterday’s close.
The pair is expected to find support at 104.18, and a fall through could take it to the next support level of 103.49. The pair is expected to find its first resistance at 106.05, and a rise through could take it to the next resistance level of 107.23.
Investors would now keenly await a series of data release in Japan scheduled tonight, including BoJ’s interest rate decision, Japan’s unemployment rate as well as consumer prices.
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
