USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 1.37% against the JPY and closed at 108.64.
In the Asian session, at GMT0300, the pair is trading at 108.56, with the USD trading 0.07% lower against the JPY from yesterday’s close.
On the data front, the Jibun Bank services PMI rose to 26.5 in May, compared to a level of 21.5 in the previous month.
The pair is expected to find support at 107.85, and a fall through could take it to the next support level of 107.14. The pair is expected to find its first resistance at 109.06, and a rise through could take it to the next resistance level of 109.56.
Amid lack of macroeconomic releases in the Japan today, investor sentiment would be determined by global macroeconomic factors.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
