USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.12% against the JPY and closed at 111.32.
Overnight data showed that Japanese manufacturing activity dipped to 52.0 in May from 52.7 reported in the prior month, thereby expanding at the slowest pace in six months as export orders slowed.
In the Asian session, at GMT0300, the pair is trading at 111.17, with the USD trading 0.13% lower against the JPY from yesterday’s close.
The pair is expected to find support at 111.11, and a fall through could take it to the next support level of 110.9. The pair is expected to find its first resistance at 111.55, and a rise through could take it to the next resistance level of 111.78.
Looking ahead, investors will concentrate on a speech by the Bank of Japan’s (BoJ) Governor, Haruhiko Kuroda, scheduled at night, to get his views on economy.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
