USDJPY Movement
For the 24 hours to 23:00 GMT, USD strengthened 0.20% against the JPY and closed at 79.41. The Yen fell after the consumer confidence index in Japan fell to 40.4 in June, compared to 40.7 in May.
In the Asian session, at GMT0300, the pair is trading at 79.33, with the USD trading 0.10% lower from yesterday’s close.
This morning, in Japan, tertiary industry index rose 0.7% (MoM) in May, surpassing the market expectation of a 0.2% rise. However, domestic corporate goods price index fell more-than-expected by 0.6% (MoM) in June, against the market expectation of 0.4% contraction.
The pair is expected to find support at 79.18, and a fall through could take it to the next support level of 79.02. The pair is expected to find its first resistance at 79.52, and a rise through could take it to the next resistance level of 79.70.
Investors are awaiting machine tool orders data in Japan, later today.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
