USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 0.53% against the JPY and closed at 79.90, on poor US economic data.
In the US, the Chicago Purchasing Managers’ Index fell to 56.2 in April, compared to 62.2 in March. Market had expected the index to decline to 61.0 in April. Additionally, personal incomes grew slightly more-than-expected in March but growth in consumer spending slowed, according to figures released by the US Commerce Department.
In the Asian session, at GMT0300, the pair is trading at 79.87, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 79.67, and a fall through could take it to the next support level of 79.46. The pair is expected to find its first resistance at 80.15, and a rise through could take it to the next resistance level of 80.42.
The pair is expected to trade on the cues from the release of monetary base data in Japan.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
