USDJPY Movement
For the 24 hours to 23:00 GMT, USD strengthened 0.73% against the JPY and closed at 81.45, after Moody’s Investors Service put Japan’s credit rating for review for a possible downgrade.
In Japan, yesterday, the housing starts rose by 0.3% (Y-o-Y) in April, posting the first year-on-year rise in two months, following a 2.4% drop in March. The Japan Automobile Manufacturers Association reported that, on an annual basis, total domestic production of cars, trucks and buses plunged 60.1% in April. Additionally, the construction orders, on yearly basis, rose by 31.4% in April to ¥554.4 billion, following a 11% fall in March.
In the Asian session at 3:00GMT, the pair is trading lower from yesterday’s close at 23:00 GMT, by 0.27%, at 81.23.
The first short term resistance is at 81.79, followed by 82.34. The pair is expected to find support at 80.67 and the subsequent support level at 80.10.
Investors are eying Bank of Japan’s Governor Shirakawa Speech along with other economic releases in Japan to be released later today.
The currency pair is trading between its 20 Hr and its 50 Hr moving averages.
