USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.21% against the JPY and closed at 105.97.
In the Asian session, at GMT0300, the pair is trading at 105.97, with the USD trading flat against the JPY from yesterday’s close.
Overnight data indicated that Japan’s Nikkei services PMI advanced to a 2-year high level of 53.3 in August, less than market expectations for a rise to a level of 53.4. In the previous month, the PMI had recorded a level of 51.8.
The pair is expected to find support at 105.68, and a fall through could take it to the next support level of 105.38. The pair is expected to find its first resistance at 106.33, and a rise through could take it to the next resistance level of 106.68.
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 moving average and trading below its 50 Hr moving average.
