USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.06% against the JPY and closed at 99.16.
In the Asian session, at GMT0300, the pair is trading at 99.27, with the USD trading 0.11% higher from yesterday’s close.
The pair is expected to find support at 99.08, and a fall through could take it to the next support level of 98.89. The pair is expected to find its first resistance at 99.43, and a rise through could take it to the next resistance level of 99.59.
Investors are expected to keep a close watch on the release of Japan’s merchandise trade balance data, due later today, which the market expects to register a deficit of ¥1,100.8 billion in the month of August.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
