USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.32% against the JPY and closed at 105.83.
In the Asian session, at GMT0300, the pair is trading at 106.02, with the USD trading 0.18% higher against the JPY from yesterday’s close.
Overnight data indicated that Japan’s preliminary annualised gross domestic product (GDP) advanced 1.8% on a quarterly basis in 2Q 2019, rising for the third straight quarter and higher than market consensus for a gain of 0.5%. In the prior quarter, the GDP had recorded a rise of 2.2%.
The pair is expected to find support at 105.74, and a fall through could take it to the next support level of 105.47. The pair is expected to find its first resistance at 106.28, and a rise through could take it to the next resistance level of 106.54.
In absence of key economic releases in Japan today, investor sentiment would be determined by global macroeconomic events.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
