USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened marginally against the JPY and closed at 97.61. In Japan, a government report confirmed that leading economic index in the nation fell to a level of 107.2 during June, from a reading of 110.7 recorded in the previous month. Meanwhile, the nation’s coincident index slipped to a reading of 105.5 in June, compared to a level of 106.0 registered in the earlier month.
In the Asian session, at GMT0300, the pair is trading at 97.56, with the USD trading tad lower from yesterday’s close.
The pair is expected to find support at 97.30, and a fall through could take it to the next support level of 97.03. The pair is expected to find its first resistance at 97.99, and a rise through could take it to the next resistance level of 98.41.
Investors await the release of an official data from Japan which might show that the nation’s all industry activity index eased 0.5% (MoM) during June, from a 1.1% gain registered in the earlier month.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
