USDJPY Movement
On Friday, the USD strengthened marginally against the JPY and closed at 97.43.
In economic news, preliminary reading of Japan’s leading economic index rose to 99.30 in April while preliminary reading of coincident index advanced to 94.80 in April.
In the Asian session, at GMT0300, the pair is trading at 98.15, with the USD trading 0.74% higher from yesterday’s close.
Data released this morning indicated that Japan’s final Gross Domestic Product (GDP) rose 1.0% (QoQ) in the Q1 2013, more than preliminary estimate of a rise of 0.9% and compared to a rise of 0.3% reported in the previous quarter. On the other hand, Japan’s trade deficit on the BoP basis widened to ¥818.8 billion in April from a deficit of ¥219.9 billion posted in the previous month.
The pair is expected to find support at 95.92, and a fall through could take it to the next support level of 93.69. The pair is expected to find its first resistance at 99.43, and a rise through could take it to the next resistance level of 100.70.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
