USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 0.08% against the JPY and closed at 78.71, after release of weak US economic data raised speculation that more stimulus may be coming from the Fed.
In the US, home sales, leading indicators, and Philadelphia Fed manufacturing index all failed to meet market expectations, while weekly jobless claims also rose in excess of forecasts.
Meanwhile, in Japan, the all industry activity index fell 0.3% (MoM) in May, following a 0.1% rise in April. Separately, the leading index dropped to 95.2 in May, from 95.6 in April, while the coincident index fell to a reading of 95.8 in May.
In the Asian session, at GMT0300, the pair is trading at 78.60, with the USD trading 0.14% lower from yesterday’s close.
The pair is expected to find support at 78.42, and a fall through could take it to the next support level of 78.23. The pair is expected to find its first resistance at 78.80, and a rise through could take it to the next resistance level of 78.99.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
