USDJPY Movement
For the 24 hours to 23:00 GMT on Friday, USD weakened 0.35% against the JPY and closed at 79.63.
In Japan, the leading index rose to a reading of 95.9 in May, from a revised reading of 95.6 in April, while coincident index edged down to 95.8 in May.
In the Asian session, at GMT0300, the pair is trading at 79.67, with the USD trading 0.05% higher from Friday’s close. The Yen came under pressure amid release of weak economic data from Japan.
This morning, in Japan, current-account surplus narrowed to ¥215.1 billion ($2.7 billion) in May, showing a contraction of 62.6% from a year earlier. Additionally, nation’s trade account posted a wider deficit of ¥848.2 billion, against the market expectation of ¥836.8 billion deficit. Separately, machine orders fell sharply 14.8% (MoM) in May, compared to a market expectation of 2.6% contraction.
The pair is expected to find support at 79.41, and a fall through could take it to the next support level of 79.15. The pair is expected to find its first resistance at 79.95, and a rise through could take it to the next resistance level of 80.23.
Investors are eyeing Eco watchers survey and money stock data in Japan, later today.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
