USDJPY Movement
For the 24 hours to 23:00 GMT on Friday, USD weakened 0.14% against the JPY and closed at 79.21.
The Bank of Japan stated that the economic activity has started to pick up moderately amid firm domestic demand, with public investment and business fixed investment continued to increase.
In Japan, industrial production fell 3.4% (MoM) in May, compared to a 0.5% rise in April. Additionally, capacity utilization declined 2.2% (MoM) in May, following a 0.6% drop in April.
In the Asian session, at GMT0300, the pair is trading at 79.10, with the USD trading 0.14% lower from Friday’s close.
The pair is expected to find support at 78.99, and a fall through could take it to the next support level of 78.88. The pair is expected to find its first resistance at 79.29, and a rise through could take it to the next resistance level of 79.48.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
