USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 0.51% against the JPY, on Friday, and closed at 80.76. The greenback was under pressure on Friday as the US bond yields declined, while the economic data in the US dented investor sentiment as they put the greenback for sale.
On Friday, Fitch downgraded Japan’s outlook to ‘Negative’ from ‘Stable’, warning that the cost of cleaning up the crisis-hit Fukushima nuclear plant could hurt its public finances.
In the Asian session at 3:00GMT, the pair is trading higher from the Friday’s close, by 0.04%, at 80.79.
The first short term resistance is at 81.17, followed by 81.55. The pair is expected to find support at 80.54 and the subsequent support level at 80.29.
With a series of Japan economic releases today, including industrial production and unemployment rate, trading in the pair is expected to be influenced by the resulting cues from these releases.
The currency pair is trading just below its 20 Hr and its 50 Hr moving averages.
