USDJPY Movement
For the 24 hours to 23:00 GMT, the USD marginally declined against the JPY and closed at 108.63.
Data showed that Japan’s final leading economic index dropped to a level of 91.9 In August, higher than market expectations and preliminary figures for a fall to a level of 91.7 In the prior month, the index had recorded a reading of 93.7. Moreover, the nation’s final coincident index eased to a level of 99.0 in August, more than market anticipation and preliminary figures for a decline to a level of 99.3. In the previous month, the index had recorded a reading of 99.7.
In the Asian session, at GMT0300, the pair is trading at 108.64, with the USD trading slightly higher against the JPY from yesterday’s close.
The pair is expected to find support at 108.51, and a fall through could take it to the next support level of 108.38. The pair is expected to find its first resistance at 108.76, and a rise through could take it to the next resistance level of 108.88.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
