USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.22% against the JPY and closed at 111.17.
Yesterday, the IMF stated that it expects Japanese economy to expand by 1.3% this year, buoyed by stronger private consumption, investment and exports. The organisation had projected a growth of 1.2% in April.
On the data front, Japan’s final leading economic index rose to a level of 104.6 in May, compared to a reading of 104.2 in the prior month, while the preliminary figures had indicated an advance to a level of 104.7. On the other hand, the nation’s final coincident index fell less than initially estimated to a level of 115.8 in May, compared to a reading of 117.1 in the prior month. The index had registered a drop to a level of 115.5 in the flash estimate.
In the Asian session, at GMT0300, the pair is trading at 111.07, with the USD trading 0.09% lower against the JPY from yesterday’s close.
Earlier today, minutes of the Bank of Japan (BoJ) showed that board members were divided on how much information they should disclose to the public about a possible exit from ultra-loose monetary policy.
The pair is expected to find support at 110.68, and a fall through could take it to the next support level of 110.29. The pair is expected to find its first resistance at 111.4, and a rise through could take it to the next resistance level of 111.73.
The currency pair is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
