USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 0.06% against the JPY and closed at 80.67. Japanese Yen rallied yesterday on signs of economic recovery in Japan, supported by better than expected housing starts data.
In Japan, yesterday, the annualized housing starts rose to 0.815 million in May from 0.798 million in the previous month. The housing starts rose by 6.4% (Y-o-Y) in May, from 0.3% growth recorded in the previous month.
Additionally, this morning, on a seasonally adjusted basis the unemployment rate stood at 4.5% in May from 4.7% in the previous month. The consumer price index, on an annual basis, rose by 0.3% in May, unchanged from the previous month.
In the Asian session at 3:00GMT, the pair is trading higher from yesterday’s close at 23:00 GMT, by 0.04%, at 80.70.
The first short term resistance is at 80.97, followed by 81.24. The pair is expected to find support at 80.35 and the subsequent support level at 80.00.
Trading trends in the pair today are expected to be determined by release of data on vehicle sales in Japan.
The currency pair is showing convergence with its 50 Hr moving average and is trading just above its 20 Hr moving average.
