USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.72% against the JPY and closed at 107.52.
In the Asian session, at GMT0300, the pair is trading at 107.71, with the USD trading 0.18% higher against the JPY from yesterday’s close.
Overnight data showed that Japan’s foreign exchange reserves dropped to a level of $1254.0 billion in May, from a level of $1262.5 billion in the previous month.
The pair is expected to find support at 107.02, and a fall through could take it to the next support level of 106.32. The pair is expected to find its first resistance at 108.11, and a rise through could take it to the next resistance level of 108.50.
Going ahead, investors will look forward to Japan’s preliminary leading economic and coincident indices data for April, scheduled to release in some time. Additionally, the nation’s final Q1 GDP and trade balance data for April, due overnight, will also garner market attention.
The currency pair is trading above its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
