USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.80% against the JPY on Friday and closed at 104.01.
In economic news, Japan’s consumer confidence index rose above expectations to a level of 42.0 in August, notching its highest level since January this year, buoyed by employment perceptions. In the prior month, the index had registered a reading of 41.3.
In the Asian session, at GMT0300, the pair is trading at 103.69, with the USD trading 0.31% lower against the JPY from Friday’s close.
Early this morning, data showed that Japan’s Markit services PMI declined to a level of 49.6 in August, from a reading of 50.4 in the previous month.
The pair is expected to find support at 102.88, and a fall through could take it to the next support level of 102.08. The pair is expected to find its first resistance at 104.40, and a rise through could take it to the next resistance level of 105.12.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
