USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.08% against the JPY and closed at 112.39.
Yesterday, the Japanese government lowered its estimation of the national economy for the first time in five months, citing weakness in consumer spending and stalling corporate sentiment, due to volatility in global financial markets and a downturn in emerging markets.
In the Asian session, at GMT0400, the pair is trading at 112.71, with the USD trading 0.29% higher from yesterday’s close.
The pair is expected to find support at 112.32, and a fall through could take it to the next support level of 111.93. The pair is expected to find its first resistance at 113.01, and a rise through could take it to the next resistance level of 113.31.
Going forward, Japan’s national consumer prices data, scheduled overnight would grab a lot of market attention.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
