USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.16% against the JPY and closed at 101.11.
In the Asian session, at GMT0300, the pair is trading at 100.89, with the USD trading 0.22% lower from yesterday’s close.
In economic data released this morning, the consumer price inflation figures indicated that the nation still struggles with deflation, though it improved slightly in April. The National consumer index in Japan fell 0.7% (YoY) in April, in line with market expectations and following a 0.9% drop recorded in the previous month. Additionally, unemployment rate in the nation remained unchanged at 4.1% in April, while industrial production improved more-than-expected in the same month.
Moreover, the Nomura/ JMMA purchasing manager index for manufacturing sector in Japan rose to a reading of 51.5 in May, from a reading of 51.1 recorded in the previous month.
The pair is expected to find support at 100.29, and a fall through could take it to the next support level of 99.68. The pair is expected to find its first resistance at 101.67, and a rise through could take it to the next resistance level of 102.45.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
