USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.57% against the JPY and closed at 119.38, after the US advance retail sales rose less than expected in March.
Yesterday, the IMF upgraded Japan’s economic growth and projected the nation’s economy to grow 1% in 2015 and 1.2% in the next year, versus an earlier forecast of 0.6% this year and 0.8% in 2016.
In the Asian session, at GMT0300, the pair is trading at 119.62, with the USD trading 0.2% higher from yesterday’s close.
The pair is expected to find support at 119.08, and a fall through could take it to the next support level of 118.54. The pair is expected to find its first resistance at 120.15, and a rise through could take it to the next resistance level of 120.67.
The currency pair is trading between with its 20 Hr and 50 Hr moving averages.
