USDJPY Movement
For the 24 hours to 23:00 GMT, USD strengthened 0.46% against the JPY and closed at 78.75, following stronger-than-expected US services data.
The Institute for Supply Management (ISM) reported that its non-manufacturing index in the US rose to a reading of 53.7 in May, against the market expectation of a reading of 53.5 in May.
The Yen also declined, after Japan’s Finance Minister, Jun Azumi, stated that a strong yen is damaging Japan’s economy and hinted at intervention in the forex market to stop the currency’s rise.
In the Asian session, at GMT0300, the pair is trading at 78.81, with the USD trading 0.08% higher from yesterday’s close.
The pair is expected to find support at 78.29, and a fall through could take it to the next support level of 77.77. The pair is expected to find its first resistance at 79.15, and a rise through could take it to the next resistance level of 79.49.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
