USDJPY Movement
On Friday, the USD strengthened 0.93% against the JPY and closed at 101.18.
In Japan, the preliminary leading economic index rose to a reading of 110.5 in May, while the coincident index advanced marginally to a reading of 105.9 in May.
In the Asian session, at GMT0300, the pair is trading at 101.24, with the USD trading marginally higher from Friday’s close.
Data released this morning indicated that, Japan’s current account surplus narrowed to ¥540.7 billion in May, while its trade deficit widened to ¥906.7 billion in May.
The pair is expected to find support at 100.23, and a fall through could take it to the next support level of 99.22. The pair is expected to find its first resistance at 101.91, and a rise through could take it to the next resistance level of 102.57.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
