USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.09% against the JPY and closed at 124.43.
In the Asian session, at GMT0300, the pair is trading at 124.44, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 124.24, 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 124.61, and a rise through could take it to the next resistance level of 124.79.
Going forward, investors would look forward to Japan’s adjusted merchandise trade balance data for July, scheduled to be released tonight.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
