USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.14% against the JPY and closed at 123.06, after non-farm payrolls in the US increased less than anticipated in June.
In the Asian session, at GMT0300, the pair is trading at 123.06, with the USD trading a tad higher from yesterday’s close.
Early this morning, data revealed that Japan’s services sector activity quickened at the fastest rate in nine months in June, after the services PMI rose to a reading of 51.8 from May’s level of 51.5.
The pair is expected to find support at 122.67, and a fall through could take it to the next support level of 122.27. The pair is expected to find its first resistance at 123.60, and a rise through could take it to the next resistance level of 124.13.
With no more economic releases in Japan today, market participants would concentrate on the nation’s coincident as well as leading economic indices data, slated to release on Monday, for further cues in the Yen.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
