USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.22% against the JPY and closed at 124.56. The Yen lost ground as the Economy Watchers’ Survey presented a mixed picture of Japan’s economy.
The current index of the survey rose to 51.6 in July, the first rise in three months, from 51.0 in the past month. On the other hand, the outlook index of the survey dropped for the second consecutive month to 51.9 in the same month, from 53.5 in June.
In the Asian session, at GMT0300, the pair is trading at 124.74, with the USD trading 0.15% higher from yesterday’s close.
The pair is expected to find support at 124.39, and a fall through could take it to the next support level of 124.04. The pair is expected to find its first resistance at 125, and a rise through could take it to the next resistance level of 125.25.
Trading trends in the Yen today are expected to be determined by release of machine tool orders data for July, slated to release in a few hours.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
