USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.63% against the JPY and closed at 108.47 on Friday.
In economic news, Japan’s preliminary leading economic index declined to a level of 95.2 in May, falling to its lowest level in 6.5 years and more than market consensus for a drop to a level of 95.4. The index had registered a reading of 95.9 in the previous month. Meanwhile, the nation’s flash coincident index rose to a level of 103.2 in May, compared to a reading of 102.1 in the previous month. Market participants had expected the index to register a climb to a level of 103.1.
In the Asian session, at GMT0300, the pair is trading at 108.40, with the USD trading 0.06% lower against the JPY from Friday’s close.
The pair is expected to find support at 107.93, and a fall through could take it to the next support level of 107.47. The pair is expected to find its first resistance at 108.75, and a rise through could take it to the next resistance level of 109.11.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
