USDJPY Movement
For the 24 hours to 23:00 GMT, the USD marginally rose against the JPY and closed at 106.90.
In the Asian session, at GMT0300, the pair is trading at 107.15, with the USD trading 0.23% higher against the JPY from yesterday’s close.
Overnight data showed that Japan’s Jibun Bank manufacturing PMI dropped to 37.8 in June, less than market expectations for a fall to a level of 36.9 and compared to a reading of 38.4 in the previous month.
The pair is expected to find support at 106.86, and a fall through could take it to the next support level of 106.57. The pair is expected to find its first resistance at 107.32, and a rise through could take it to the next resistance level of 107.49.
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 moving average and trading above its 50 Hr moving average.
