USDJPY Movement
For the 24 hours to 23:00 GMT, USD strengthened 0.46% against the JPY and closed at 80.23.
On the economic front, consumer confidence index, in Japan, dropped slightly to a reading of 40.0 in April, from a reading of 40.3 in March. Market had expected the index to rise to 40.8.
In the Asian session, at GMT0300, the pair is trading at 80.37, with the USD trading 0.17% higher from yesterday’s close. The Yen is trading lower after machine orders in Japan fell 2.8% (MoM) in March, after climbing a revised 2.8% in the previous month. Additionally, tertiary industry index fell 0.6% (MoM) in March, against the market expectation of 0.4% contraction.
The pair is expected to find support at 79.97, 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 80.61, and a rise through could take it to the next resistance level of 80.84.
The pair is expected to trade on the cues from the release of gross domestic product (GDP) and housing loans data in Japan.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
