USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 0.65% against the JPY and closed at 80.37. Aiding the gains in the Yen, Japanese department store sales data for March, released this morning, indicated a significant rebound.
The Bank of Japan (BoJ) Governor Masaaki Shirakawa, indicated that he would continue to monitor the risk that the nation’s banking system could face from Europe’s debt woes. In the Asian session, at GMT0300, the pair is trading at 80.48, with the USD trading 0.13% higher from yesterday’s close.
The pair is expected to find support at 80.21, and a fall through could take it to the next support level of 79.94. The pair is expected to find its first resistance at 80.83, and a rise through could take it to the next resistance level of 81.19.
Trading trends in the pair today are expected to be determined by data release on industrial production, capacity utilization and consumer confidence index in Japan.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
