Japan’s National CPI Outpaces Market Expectations On An Annual Basis
GCI Financial | Jul 31, 2015 02:43AM ET
USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.21% against the JPY and closed at 124.18.
In the Asian session, at GMT0300, the pair is trading at 123.99, with the USD trading 0.15% lower from yesterday’s close.
Earlier today, data showed that Japan’s national consumer price inflation rose 0.4% YoY in June, beating market expectations for an increase of 0.3% and following a gain of 0.5% registered in the previous month. On the other hand, unemployment rate in the nation unexpectedly edged up to 3.4% in June, compared to prior month’s 3.3%.
The pair is expected to find support at 123.75, and a fall through could take it to the next support level of 123.50. The pair is expected to find its first resistance at 124.42, and a rise through could take it to the next resistance level of 124.85.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
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