USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.35% against the JPY and closed at 102.21, as the latter extended its losses on the back of yesterday’s soft current account data from the Japanese economy.
In economic releases, data showed that Japan’s Eco watchers’ survey for the current economic conditions deteriorated to a reading of 41.6 in April from previous month’s level of 57.9. However, Eco watchers’ survey on the outlook of the Japanese economy climbed more-than-expected to a score of 50.3 from a figure of 34.7 recorded in the preceding month.
In the Asian session, at GMT0300, the pair is trading at 102.23, with the USD trading a tad higher from yesterday’s close. Early morning, the BoJ indicated that money supply (M2+CD) registered a rise of 3.4% (YoY) in April, in-line with market estimates and compared to a 3.6% (YoY) increase in the previous month.
The pair is expected to find support at 101.97, and a fall through could take it to the next support level of 101.70. The pair is expected to find its first resistance at 102.37, and a rise through could take it to the next resistance level of 102.51.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
