USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 0.22% against the JPY, on Friday and closed at 84.82.
The Bank of Japan (BoJ) informed in its monthly report that the Japanese economy is likely to remain under strong downward pressure for some time with production staying low under the impact of the earthquake in March.
In Japan, on Friday, the current conditions index fell to 27.7 in March from a reading of 48.4 in February. Meanwhile, the outlook index fell sharply to a reading of 26.6 for April, compared to a reading of 47.2 posted in March. Additionally, on monthly basis, core machinery orders fell by 2.3% in February.
In the Asian session at 3:00GMT, the pair is trading lower from the New York close, by 0.07%, at 84.76.
The first short term resistance is at 85.25, followed by 85.74. The pair is expected to find support at 84.43 and the subsequent support level at 84.10.
Trading trends in the pair today are expected to be determined by monetary policy meeting minutes and bank lending data due to be released in Japan, later today.
The currency pair is trading just below its 20 Hr and 50 Hr moving averages.
