USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.24% against the JPY and closed at 110.29.
In the Asian session, at GMT0300, the pair is trading at 110.26, with the USD trading slightly lower against the JPY from yesterday’s close.
Overnight data revealed that Japan’s preliminary manufacturing PMI contracted to a level of 49.6 in May, following a level of 50.2 in the prior month.
The pair is expected to find support at 110.05, and a fall through could take it to the next support level of 109.84. The pair is expected to find its first resistance at 110.55, and a rise through could take it to the next resistance level of 110.84.
Going ahead, investors would keep an eye on Japan’s national consumer price index for April, slated to release overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
