USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.42% against the JPY and closed at 105.96 on Friday.
On the data front, Japan’s leading economic index climbed to 85.0 in June, more than market forecast for a rise to a level of 78.8 and compared to a revised reading of 78.3 in the prior month. Additionally, the coincident index rose more-than-anticipated to 76.4 in June, compared to a revised reading of 72.9 in the earlier month.
In the Asian session, at GMT0300, the pair is trading at 105.80, with the USD trading 0.15% lower against the JPY from Friday’s close.
The pair is expected to find support at 105.50, and a fall through could take it to the next support level of 105.21. The pair is expected to find its first resistance at 106.07, and a rise through could take it to the next resistance level of 106.35.
Looking ahead, traders would keep a watch on Japan’s current account and trade balance, both for June, slated to release overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
