USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.35% against the JPY and closed at 105.33.
On the data front, Japan’s leading economic index climbed to 78.4 in May, compared to a reading of 77.7 in the previous month. The preliminary figures had indicated a rise to 79.30. Meanwhile, the coincident index declined to 73.4 in May, compared to a reading of 80.1 in the prior month. The preliminary figures had indicated a fall to 74.6.
In the Asian session, at GMT0300, the pair is trading at 105.46, with the USD trading 0.12% higher against the JPY from yesterday’s close.
Overnight data indicated that In June, the corporate service price index rose 0.8% on an annual basis in Japan, beating market forecast and compared to a similar rise in the previous month.
The pair is expected to find support at 105.15, and a fall through could take it to the next support level of 104.85. The pair is expected to find its first resistance at 105.73, and a rise through could take it to the next resistance level of 106.01.
Amid a lack of macroeconomic releases in 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 below its 50 Hr moving average.
