USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.39% against the JPY and closed at 123.90.
In the Asian session, at GMT0300, the pair is trading at 123.90, with the USD trading flat from yesterday’s close.
The pair is expected to find support at 123.56, and a fall through could take it to the next support level of 123.23. The pair is expected to find its first resistance at 124.35, and a rise through could take it to the next resistance level of 124.81.
Amid absence of any major economic release in Japan today, market participants would shift their focus to the release of tomorrow’s preliminary figure of manufacturing PMI data for August.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
