USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.7% against the JPY and closed at 111.11 on Friday.
In the Asian session, at GMT0300, the pair is trading at 111.05, with the USD trading marginally lower against the JPY from Friday’s close.
Overnight data indicated that Japan’s flash Nikkei manufacturing PMI dropped to a level of 52.2 in July, expanding at its weakest pace in eight months, amid weakness in export orders. The PMI had registered a level of 52.4 in the previous month.
The pair is expected to find support at 110.52, and a fall through could take it to the next support level of 109.99. The pair is expected to find its first resistance at 111.83, and a rise through could take it to the next resistance level of 112.61.
Looking ahead, traders will await the release of the Bank of Japan’s (BoJ) June meeting minutes, scheduled tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
