USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.74% against the JPY and closed at 120.46.
In the Asian session, at GMT0300, the pair is trading at 120.6, with the USD trading 0.11% higher from yesterday’s close.
Earlier today, data showed that Japan’s services PMI climbed to a reading of 53.7 in August, marking its highest level since October 2013 and compared to a reading of 51.2 in July.
The pair is expected to find support at 119.96, and a fall through could take it to the next support level of 119.33. The pair is expected to find its first resistance at 120.97, and a rise through could take it to the next resistance level of 121.34.
Looking ahead, investors would monitor Japan’s labour and real cash earnings data, scheduled in the early hours of tomorrow for further cues.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
