USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 1.39% against the JPY and closed at 102.52.
In the Asian session, at GMT0300, the pair is trading at 102.21, with the USD trading 0.30% lower from yesterday’s close.
Data released this morning indicated that Japanese retail sales fell 2.3% (MoM) in April, compared to an upwardly revised rise of 2.5% reported in the previous month.
Separately, the Governor of the Bank of Japan (BoJ), Haruhiko Kuroda, urged that global policymakers must work to build a new financial system and allow some emerging countries to set capital controls to reduce the negative impact of global financial crises.
The pair is expected to find support at 101.77, and a fall through could take it to the next support level of 101.33. The pair is expected to find its first resistance at 102.61, and a rise through could take it to the next resistance level of 103.01.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
