USDJPY Movement
For the 24 hours to 23:00 GMT, USD traded flat against the JPY and closed at 81.00.
In Japan, today morning, the Bank of Japan reported that M2 money supply increased 2.7% annually to ¥796.8 trillion in April, following the downwardly revised 2.6% increase recorded in the previous month. The current account surplus fell to ¥752.7 billion in March, compared to an upwardly revised surplus of ¥1.218 trillion recorded in the previous month. Meanwhile, trade balance for March stood at 240.3 billion yen, compared to 723.3 billion yen a month earlier.
In the Asian session at 3:00GMT, the pair is trading higher from the New York close, by 0.14%, at 81.11.
The first short term resistance is at 81.44, followed by 81.77. The pair is expected to find support at 80.68 and the subsequent support level at 80.25.
Trading trends in the pair today are expected to be determined by release of data on Economic Watchers survey and machine tool orders in Japan.
The currency pair is showing convergence with its 20 Hr moving average and is trading just above 50 Hr moving average.
