USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.43% against the JPY and closed at 119.41, following soft economic data in the US.
In the Asian session, at GMT0300, the pair is trading at 119.55, with the USD trading 0.12% higher from yesterday’s close.
Overnight data indicated that Japan’s monetary base remained unchanged at 35.2% YoY in April. In the early hours today, data revealed that Japan’s services PMI expanded to a level of 51.3 in April, after registering a level of 48.4 in March.
The pair is expected to find support at 119.17, and a fall through could take it to the next support level of 118.78. The pair is expected to find its first resistance at 119.97, and a rise through could take it to the next resistance level of 120.39.
Trading trends in the Yen today are expected to be determined by the BoJ minutes from its latest monetary policy meeting, scheduled late night.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
