USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.89% against the JPY and closed at 110.40 on Friday.
On Friday, data showed that Japan’s consumer confidence index rose to 43.6 in May, compared to a reading of 43.2 reported in the previous month.
In the Asian session, at GMT0300, the pair is trading at 110.55, with the USD trading 0.14% higher from Friday’s close.
Overnight data indicated that Japan’s services PMI rose to a level of 53.0 in May from a reading of 52.2 recorded in the prior month, boosted by a sharp increase in new work, thereby providing further evidence that demand in the world’s third-largest economy is picking up.
The pair is expected to find support at 110, and a fall through could take it to the next support level of 109.46. The pair is expected to find its first resistance at 111.40, and a rise through could take it to the next resistance level of 112.26.
With no additional economic data in Japan today, investors will now assess global macroeconomic events.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
