USDJPY Movement
For the 24 hours to 23:00 GMT on Friday, USD weakened 0.45% against the JPY and closed at 79.03. The Yen advanced, after Japan’s government on Friday raised its economic assessment for the first time in nine months.
In Japan, Nationwide department store sales rose 1.3% (YoY) to ¥480 billion in April, compared to a 14.1% rise in March.
In the Asian session, at GMT0300, the pair is trading at 79.14, with the USD trading 0.15% higher from Friday’s close.
The Yen is trading lower, on growing speculation that Bank of Japan (BoJ) would further stimulate the economy by weakening the yen via easing measures in its meeting on May 23.
The pair is expected to find support at 78.94, and a fall through could take it to the next support level of 78.74. The pair is expected to find its first resistance at 79.41, and a rise through could take it to the next resistance level of 79.67.
Trading trends in the pair today are expected to be determined by the release of all industry activity index and leading index in Japan.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
