For the 24 hours to 23:00 GMT, the USD marginally rose against the JPY and closed at 107.19 on Friday.

In the Asian session, at GMT0300, the pair is trading at 107.18, with the USD trading flat against the JPY from Friday’s close.

Overnight data showed that Japan’s retail trade tumbled 12.3% on a yearly basis in May, compared to a revised decline of 13.9% in the prior month.

- advertisement -

The pair is expected to find support at 106.86, and a fall through could take it to the next support level of 106.55. The pair is expected to find its first resistance at 107.43, and a rise through could take it to the next resistance level of 107.69.

Moving forward, traders would keep a watch on Japan’s unemployment rate and industrial production, both for May, slated to release overnight.

The currency pair is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.