USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.35% against the JPY and closed at 107.96.
On the data front, Japan’s construction orders fell 6.1% on a yearly basis in May, compared to a drop of 14.2% in the previous month. Additionally, annualised housing starts plunged 12.3% to an annual rate of 0.81 million in May, compared to a level of 0.80 million in the prior month.
In the Asian session, at GMT0300, the pair is trading at 107.70, with the USD trading 0.24% lower against the JPY from yesterday’s close.
Overnight data showed that Japan’s Jibun Bank manufacturing PMI rose to 40.1 in June, compared to a reading of 37.8 in the previous month.
The pair is expected to find support at 107.43, and a fall through could take it to the next support level of 107.15. The pair is expected to find its first resistance at 108.07, and a rise through could take it to the next resistance level of 108.43.
Amid lack of macroeconomic releases in the Japan today, investor sentiment would be determined by global macroeconomic factors.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
