USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.16% against the JPY and closed at 110.24.
In the Asian session, at GMT0300, the pair is trading at 110.17, with the USD trading 0.06% lower against the JPY from yesterday’s close.
Overnight data showed that Japan’s retail trade retreated by 1.7% on a monthly basis in May, declining at its fastest pace in 21 months and higher than market expectations for a fall of 0.8%. In the previous month, retail trade had climbed 1.4%. Additionally, the nation’s large retailer’s sales fell 2.0% on a monthly basis in May. In the prior month, large retailer’s sales had declined of 0.8%.
The pair is expected to find support at 109.74, and a fall through could take it to the next support level of 109.32. The pair is expected to find its first resistance at 110.54, and a rise through could take it to the next resistance level of 110.92.
Going forward, traders would await Japan’s flash industrial production and jobless rate, both for May, set to release overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
