USDJPY Movement
For the 24 hours to 23:00 GMT, the USD slightly declined against the JPY and closed at 108.18.
Data indicated that Japan’s coincident index advanced to a level of 103.4 in May, following a reading of 103.2 in the prior month Meanwhile, the nation leading index fell to a level of 94.9 in May, declining to its lowest level since December 2012 and compared to a level of 95.2 in the preceding month.
In the Asian session, at GMT0300, the pair is trading at 108.15, with the USD trading a tad lower against the JPY from yesterday’s close.
The pair is expected to find support at 107.98, and a fall through could take it to the next support level of 107.80. The pair is expected to find its first resistance at 108.29, and a rise through could take it to the next resistance level of 108.42.
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.
