USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.22% against the JPY and closed at 108.16 on Friday.
Data indicated that Japan’s flash leading economic index fell to a level of 95.5 in April, compared to a reading of 95.9 in the previous month. Market expectation was for the index to record a drop to a level of 95.8. Meanwhile, the nation’s flash coincident index rose to a level of 101.9 in April, higher than market expectations for an advance to a level of 100.2. In the previous month, the index had recorded a reading of 99.4.
In the Asian session, at GMT0300, the pair is trading at 108.49, with the USD trading 0.31% higher against the JPY from Friday’s close. Overnight data showed that Japan’s final annualised gross domestic product (GDP) recorded a rise of 2.2% on a quarterly basis in 1Q19, compared to a revised rise of 1.6% in the previous quarter. The preliminary figures had indicated a rise of 2.1%. Meanwhile, the nation posted a (BOP basis) trade deficit of JPY98.20bn in April, compared to a surplus of JPY700.10bn in the prior month.
The pair is expected to find support at 108.04, and a fall through could take it to the next support level of 107.59. The pair is expected to find its first resistance at 108.78, and a rise through could take it to the next resistance level of 109.07.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
