USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.64% against the JPY and closed at 108.37.
In the Asian session, at GMT0300, the pair is trading at 108.79, with the USD trading 0.39% higher from yesterday’s close.
Earlier today, data released indicated that Japan’s services PMI swung back to expansion after registering a reading of 52.5 in September, compared to a level of 49.9 in August. Meanwhile, the nation’s composite PMI came in at 52.8 in September.
The pair is expected to find support at 108.21, and a fall through could take it to the next support level of 107.62. The pair is expected to find its first resistance at 109.17, and a rise through could take it to the next resistance level of 109.55.
Meanwhile, market participants keenly await the BoJ’s interest rate decision, scheduled next week.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
