USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.09% against the JPY and closed at 105.35.
The US Dollar gained momentum after the release of upbeat US consumer confidence data and continued improvement in the Standard & Poor’s/Case-Shiller 20-city home price index, on Tuesday.
In the Asian session, at GMT0400, the pair is trading at 105.30, with the USD trading 0.05% lower from yesterday’s close.
The pair is expected to find support at 105.17, and a fall through could take it to the next support level of 105.03. The pair is expected to find its first resistance at 105.43, and a rise through could take it to the next resistance level of 105.56.
With markets remaining closed in Japan on account of a national holiday, the traders in the pair would focus on a string of Japanese macroeconomic triggers scheduled next week to evaluate the pace of economic recovery in the nation.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
