USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened slightly against the JPY and closed at 98.01.
In Japan, the small business confidence index fell to a reading of 49.4 in July from a reading of 49.6 in June.
In the Asian session, at GMT0300, the pair is trading at 98.09, with the USD trading modestly higher from yesterday’s close.
This morning, Nomura/JMMA manufacturing purchasing manager index in Japan fell to 50.7 in July from 52.3 in June. Data just released indicated that average cash earnings in Japan rose less-than-expected in June,
The pair is expected to find support at 97.74, and a fall through could take it to the next support level of 97.38. The pair is expected to find its first resistance at 98.46, and a rise through could take it to the next resistance level of 98.83.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
