USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.16% against the JPY and closed at 108.33.
Data showed that Japan’s consumer confidence index declined to a level of 38.7 in June, more than market expectations of a fall to a level of 39.2. The index had registered a level of 39.4 in the previous month.
In the Asian session, at GMT0300, the pair is trading at 108.42, with the USD trading 0.08% higher against the JPY from yesterday’s close.
The pair is expected to find support at 108.20, and a fall through could take it to the next support level of 107.97. The pair is expected to find its first resistance at 108.59, and a rise through could take it to the next resistance level of 108.75.
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 moving average and trading above its 50 Hr moving average.
