USDJPY Movement
For the 24 hours to 23:00 GMT, the USD slightly weakened against the JPY and closed at 98.73.
In the Asian session, at GMT0300, the pair is trading at 98.68, with the USD trading marginally lower from yesterday’s close. Earlier today, a report showed that Japan’s corporate service price advanced 0.6%, more than the market expectation for a 0.5% rise and compared to a similar reading seen in the previous month.
The pair is expected to find support at 98.37, and a fall through could take it to the next support level of 98.07. The pair is expected to find its first resistance at 99.09, and a rise through could take it to the next resistance level of 99.50.
Amid lack of economic releases in Japan, traders are expected to eye global economic news for further guidance in the pair.
The currency pair is trading just below its 20 Hr and 50 Hr moving averages.
