USDJPY Movement
For the 24 hours to 23:00 GMT, USD strengthened 0.08% against the JPY and closed at 79.88.
The minutes of the Bank of Japan’s policy meeting held on April 9 and 10 indicated that policymakers were of the view that Japan’s economic activity was showing signs of improvement.
Meanwhile, Japanese Finance Minister, Jun Azumi has warned against speculative yen gains after the European election results and stated that the government is ready to act if needed.
In the Asian session, at GMT0300, the pair is trading at 79.99, with the USD trading 0.13% higher from yesterday’s close.
The pair is expected to find support at 79.79, and a fall through could take it to the next support level of 79.58. The pair is expected to find its first resistance at 80.14, and a rise through could take it to the next resistance level of 80.29.
Trading trends in the pair today are expected to be determined by the release of official reserve assets data in the Japan.
The currency pair is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
