USDJPY Movement
On Friday, the USD weakened 0.20% against the JPY and closed at 122.70.
Data released showed that the final estimate of Japan’s leading and coincident indices dropped to 106.4 and 111.0 respectively in April. The preliminary figures had indicated a rise to 107.2 and 111.1 respectively.
In the Asian session, at GMT0300, the pair is trading at 122.77, with the USD trading 0.06% higher from Friday’s close.
Early this morning, Japan’s Finance Minister, Taro Aso, stated that he is closely monitoring the Greek situation and warned that if negotiations between Greece and its creditors collapsed again, it could have detrimental impact on Japan as well as the global economy.
The pair is expected to find support at 122.48, and a fall through could take it to the next support level of 122.19. The pair is expected to find its first resistance at 123.14, and a rise through could take it to the next resistance level of 123.51.
Moving ahead, investors would closely look at the BoJ’s monthly economic survey, scheduled in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
