USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.34% against the JPY and closed at 106.96 on Friday.
On the data front, Japan’s adjusted merchandise trade deficit narrowed to ¥423.9 billion in June, less than market expectations for a deficit of ¥302.3 billion and compared to a deficit of ¥601.0 billion in the previous month.
In the Asian session, at GMT0300, the pair is trading at 107.37, with the USD trading 0.38% higher against the JPY from Friday’s close.
The pair is expected to find support at 107.03, and a fall through could take it to the next support level of 106.69. The pair is expected to find its first resistance at 107.62, and a rise through could take it to the next resistance level of 107.87.
Moving ahead, traders would keep a watch on Japan’s national consumer price index for June, slated to release overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
