USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.15% against the JPY and closed at 101.66.
In the Asian session, at GMT0300, the pair is trading at 101.51, with the USD trading 0.15% lower from yesterday’s close. The Japanese Yen gained ground, after data showed that Japan’s core consumer prices, excluding fresh food prices, rose at an annual pace of 3.4% in May, recording its fastest increase fastest increase since April 1982, while national consumer inflation rate in Japan rose to 3.7% (YoY) last month. Separately, another report showed that unemployment rate in the world’s third largest economy unexpectedly fell to 3.5% in May with a jobs-to-applicant ratio of 1.09. However, retail sales fell 0.4% (YoY), for the second consecutive month in May, as overall household spending declined 8.0% (YoY), more than market expectations and last month.
The pair is expected to find support at 101.39, and a fall through could take it to the next support level of 101.26. The pair is expected to find its first resistance at 101.73, and a rise through could take it to the next resistance level of 101.95.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
