USDJPY Movement
For the 24 hours to 23:00 GMT, the USD traded a tad lower against the JPY and closed at 123.88.
In economic news, the small business confidence index in Japan unexpectedly dropped to a level of 46.9 in June, from previous month’s reading of 48.1. Markets were expecting it to advance to a level of 48.3.
In the Asian session, at GMT0300, the pair is trading at 123.74, with the USD trading 0.11% lower from yesterday’s close.
The pair is expected to find support at 123.51, and a fall through could take it to the next support level of 123.27. The pair is expected to find its first resistance at 124.18, and a rise through could take it to the next resistance level of 124.62.
Going forward, investors would focus on Japan’s national CPI and employment data, scheduled overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
