USD/JPY: Japanese Yen extends its gains in the Asian session


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD declined 0.09% against the JPY and closed at 110.45.

Overnight data showed that Japan’s labour cash earnings rose 0.5% on an annual basis in April, higher than market expectations for a 0.3% gain. In the previous month, labour cash earnings had registered a revised unchanged reading.

In the Asian session, at GMT0300, the pair is trading at 109.82, with the USD trading 0.57% lower from yesterday’s close.

The pair is expected to find support at 109.46, and a fall through could take it to the next support level of 109.09. The pair is expected to find its first resistance at 110.46, and a rise through could take it to the next resistance level of 111.09.

Going forward, Japan’s GDP growth data for the first quarter along with preliminary estimates of leading as well as coincident indices, both for April, slated to release tomorrow, would garner a lot of attention.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

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