USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.1% against the JPY and closed at 101.19.
In the Asian session, at GMT0300, the pair is trading at 101.11, with the USD trading 0.08% lower against the JPY from yesterday’s close.
Earlier today, data indicated that Japan’s preliminary leading economic index unexpectedly eased to a level of 98.4 in June while markets expected it to remain steady at a level of 99.7 recorded in the prior month. Moreover, the nation’s preliminary coincident index rose less-than-expected to a level of 110.5 in June, compared to a reading of 109.9 in the previous month whereas markets expected the index to advance to a level of 111.2.
The pair is expected to find support at 100.77, and a fall through could take it to the next support level of 100.42. The pair is expected to find its first resistance at 101.56, and a rise through could take it to the next resistance level of 102.00.
Investors would now focus on Japan’s BOP basis trade balance data, due in the weekend.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
