USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.16% against the JPY and closed at 111.24.
Data indicated that Japan’s final leading economic index rose as initially estimated to a 6-month high level of 106.9 in May, in line with market expectations and compared to a reading of 106.2 in the prior month. Meanwhile, the nation’s final coincident index dropped less than expected to a level of 116.8 in May, following a reading of 117.5 in the previous month. The preliminary figures had indicated a drop to a level of 116.1.
In the Asian session, at GMT0300, the pair is trading at 111.29, with the USD trading slightly higher against the JPY from yesterday’s close.
The pair is expected to find support at 111.02, and a fall through could take it to the next support level of 110.74. The pair is expected to find its first resistance at 111.51, and a rise through could take it to the next resistance level of 111.72.
In absence of key economic releases in Japan today, investor sentiment would be determined by global macroeconomic events.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
