USDJPY Movement
For the 24 hours to 23:00 GMT, the USD marginally rose against the JPY and closed at 111.89.
In the Asian session, at GMT0300, the pair is trading at 111.94, with the USD trading a tad higher against the JPY from yesterday’s close.
The pair is expected to find support at 111.47, and a fall through could take it to the next support level of 111.01. The pair is expected to find its first resistance at 112.41, and a rise through could take it to the next resistance level of 112.89.
Moving ahead, market participants will focus on the Bank of Japan’s June meeting minutes along with Japan’s jobless rate, national consumer price index and flash Nikkei manufacturing PMI, all scheduled to release next week.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
