USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.18% against the JPY and closed at 112.99.
On the data front, Japan’s final leading economic index slid to a level of 103.9 in July, marking its lowest level since 2016 and compared to a revised level of 104.6 in the prior month. The preliminary figures had indicated a drop to 103.5. Meanwhile, the nation’s final coincident index eased to a level of 116.1 in July. In the previous month, the index had registered a revised level of 116.9 while the preliminary figures had indicated a drop to 116.3.
In the Asian session, at GMT0300, the pair is trading at 112.92, with the USD trading 0.06% lower against the JPY from yesterday’s close.
The pair is expected to find support at 112.76, and a fall through could take it to the next support level of 112.61. The pair is expected to find its first resistance at 113.05, and a rise through could take it to the next resistance level of 113.19.
Looking forward, investors would await Japan’s machine tool orders for August, slated to release in a while.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
