USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened marginally against the JPY and closed at 102.56.
In the Asian session, at GMT0300, the pair is trading at 1.3419, with the USD trading marginally lower from yesterday’s close.
Earlier this morning, data from Japan revealed that services PMI rose to a level of 50.4 in July, compared to a reading of 49.0 a month ago. Additionally, the composite PMI for the nation advanced to a reading of 50.2 in July, against a reading of 50.0 in the previous month.
The pair is expected to find support at 1.3407, and a fall through could take it to the next support level of 1.3396. The pair is expected to find its first resistance at 1.3431, and a rise through could take it to the next resistance level of 1.3444.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
