USDJPY Movement
For the 24 hours to 23:00 GMT on Friday, USD strengthened 0.26% against the JPY and closed at 80.43.
Japan’s government retained its assessment of the economy, but warned of downside risks stemming from growing uncertainty about the economic situation in the Euro-zone. The cabinet office, in its monthly report stated that, “the Japanese economy is on the way to recovery at a moderate pace partly due to reconstruction demand, although difficulties continue to prevail.”
In the Asian session, at GMT0300, the pair is trading at 80.28, with the USD trading 0.18% lower from Friday’s close.
The pair is expected to find support at 80.09, and a fall through could take it to the next support level of 79.90. The pair is expected to find its first resistance at 80.55, and a rise through could take it to the next resistance level of 80.81.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
