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Japanese Yen Trading On A Weaker Footing This Morning

Japanese Yen Trading On A Weaker Footing This Morning

USDJPY

USDJPY Movement

For the 24 hours to 23:00 GMT, the USD traded marginally higher against the JPY and closed at 123.99.

In the Asian session, at GMT0300, the pair is trading at 124.08, with the USD trading 0.07% higher from yesterday’s close.

Overnight data indicated that monetary base in Japan advanced 32.8% in July on an annual basis. It followed a gain of 34.2% in the previous month.

Earlier today, data showed that Japan’s labour cash earnings fell 2.4% YoY in June, against market expectations for an increase of 0.9% and following a revised rise of 0.7% in May.

The pair is expected to find support at 123.86, and a fall through could take it to the next support level of 123.63. The pair is expected to find its first resistance at 124.29, and a rise through could take it to the next resistance level of 124.50.

Meanwhile, Japan’s services PMI, scheduled tomorrow would grab lot of market attention.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

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