USDJPY Movement
For the 24 hours to 23:00 GMT on Friday, USD weakened 0.96% against the JPY and closed at 78.67. The Yen rose after Bank of Japan left its benchmark interest rate unchanged and did not announce any fresh monetary stimulus.
Additionally, the US Dollar came under pressure after the Thomson Reuters/University of Michigan’s preliminary consumer sentiment fell to a reading of 74.1 in June, from to 79.3 in May. Moreover, industrial production fell to -0.1% in May from 1.0% in April
In the Asian session, at GMT0300, the pair is trading at 79.23, with the USD trading 0.71% higher from Friday’s close.
The pair is expected to find support at 78.79, and a fall through could take it to the next support level of 78.36. The pair is expected to find its first resistance at 79.48, and a rise through could take it to the next resistance level of 79.74.
Trading trends in the pair today are expected to be determined by the release of Bank of Japan (BoJ) monthly economic report in the Japan.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
