USDJPY Movement
For the 24 hours to 23:00 GMT, the USD slightly rose against the JPY and closed at 108.69 on Friday.
In the Asian session, at GMT0300, the pair is trading at 108.52, with the USD trading 0.16% lower against the JPY from Friday’s close.
Overnight data showed that Japan’s retail trade rose 0.5% on an annual basis in June, following an advance of 1.2% in the prior month. Meanwhile, the nation’s large retailer’s sales declined 0.5% on a monthly basis in June, compared to a similar fall in the prior month.
The pair is expected to find support at 108.35, and a fall through could take it to the next support level of 108.18. The pair is expected to find its first resistance at 108.76, and a rise through could take it to the next resistance level of 109.00.
Looking forward, traders would await the Bank of Japan’s interest rate decision followed by Japan’s jobless rate and industrial production for June, slated to release overnight.
The currency pair is trading below its 20 Hr moving average showing convergence with its 50 Hr moving average.
