USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.90% against the JPY and closed at 97.76.
In the Asian session, at GMT0300, the pair is trading at 97.53, with the USD trading 0.23% lower from yesterday’s close. Earlier today, a government report showed that Japan’s retail trade declined 0.3% (YoY) in July, below market expectation for a 0.0% fall and from a 1.6% increase recorded in the earlier month.
The pair is expected to find support at 96.99, and a fall through could take it to the next support level of 96.45. The pair is expected to find its first resistance at 98.00, and a rise through could take it to the next resistance level of 98.46.
Trading in the pair is expected to take cues from an official report on Japans’ consumer price index, slated later today. Investors are also expected to keep a close watch on Japan’s unemployment and overall household spending data, scheduled to release later during the day.
The currency pair is trading just below its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
