USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.50% against the JPY and closed at 111.73.
In the economic news, Japan’s consumer confidence index dipped to a 12-month low level of 43.3 in August, meeting market expectations. In the prior month, the index had registered a reading of 43.5.
In the Asian session, at GMT0300, the pair is trading at 111.63, with the USD trading 0.09% lower against the JPY from yesterday’s close.
Overnight data indicated that, Japan’s retail trade rose 1.5% on an annual basis in July, higher than market expectations for an advance of 1.2%. In the preceding month, retail trade had recorded a gain of 1.8%. On the contrary, the nation’s large retailer’s sales eased 1.6% on a monthly basis in July, higher than market expectations for a drop of 0.7%. In the prior month, large retailer’s sales had registered an advance of 1.5%.
The pair is expected to find support at 111.22, and a fall through could take it to the next support level of 110.82. The pair is expected to find its first resistance at 111.93, and a rise through could take it to the next resistance level of 112.24.
Moving ahead, investors will keep an eye on Japan’s jobless rate and industrial production, both for July, set to release overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
