USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 0.31% against the JPY and closed at 81.46.
In Japan, today morning, the retail sales, on year-on-year basis, plunged 8.5% in March, compared to 0.1% rise posted in the previous month.
In the Asian session at 3:00GMT, the pair is trading higher from the New York close, by 0.15%, at 81.58, after Standard & Poor’s lowered its outlook for has cut Japan’s sovereign-rating outlook to ‘Negative’, citing the damage from the devastating earthquake and tsunami in March.
The first short term resistance is at 81.94, followed by 82.30. The pair is expected to find support at 81.23 and the subsequent support level at 80.88.
With a series of Japan economic releases today, including Tokyo consumer price index and industrial production, trading in the pair is expected to be influenced by the resulting cues from these releases.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
