Japanese Yen Trading On A Stronger Footing This Morning
For the 24 hours to 23:00 GMT, the USD strengthened 0.25% against the JPY and closed at 123.58, reversing its previous session losses.
In the Asian session, at GMT0300, the pair is trading at 123.36, with the USD trading 0.18% lower from yesterday’s close.
Early morning data showed that the seasonally adjusted retail trade in Japan slid 0.8% MoM in June, following an increase of 1.7% in May, while markets were expecting it to drop 0.9%.
The pair is expected to find support at 123.03, and a fall through could take it to the next support level of 122.71. The pair is expected to find its first resistance at 123.75, and a rise through could take it to the next resistance level of 124.14.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.