USDJPY Movement
For the 24 hours to 23:00 GMT, USD strengthened 0.94% against the JPY and closed at 80.22.
The Bank of Japan policy-maker, Koji Ishida stated that the central bank is prepared to take bold action to support the economy when necessary, just as other central banks are doing, indicating the possibility of easing monetary policy further next month.
Meanwhile, on the economic front, the machine tools orders in Japan fell 3.0% in May, compared to a drop of 2.9% recorded in April.
In the Asian session, at GMT0300, the pair is trading at 80.26, with the USD trading 0.06% higher from yesterday’s close.
The pair is expected to find support at 79.77, and a fall through could take it to the next support level of 79.28. The pair is expected to find its first resistance at 80.54, and a rise through could take it to the next resistance level of 80.82.
With no major release from Japan, the pair is expected to trade on trends in the greenback.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
