USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.23% against the JPY and closed at 102.30.
In the Asian session, at GMT0300, the pair is trading at 102.29, with the USD trading a tad lower from yesterday’s close. Earlier today, a government survey showed that its business survey index (BSI) on Japanese large manufacturers stood at a reading of -13.9 in second quarter, compared to a level of 12.5 in the earlier quarter. Meanwhile, an index, measuring prices of Japanese domestic corporate goods, rose 0.3% (MoM) in May.
The pair is expected to find support at 102.19, and a fall through could take it to the next support level of 102.08. The pair is expected to find its first resistance at 102.41, and a rise through could take it to the next resistance level of 102.53.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
