USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.45% against the JPY and closed at 100.67.
In economic news, Japan’s flash leading economic index remained steady at a level of 100.0 in May. Meanwhile, the nation’s preliminary coincident index dropped to a level of 110.5 in May, from a reading of 112.0 in the previous month.
In the Asian session, at GMT0300, the pair is trading at 100.68, with the USD trading marginally higher against the JPY from yesterday’s close.
Overnight data showed that, Japan’s current account surplus fell for the first time in nearly two-years to ¥1809.1 billion in May, from a current account surplus of ¥1878.5 billion in the previous month. Markets expected current account surplus to drop to ¥1751.2 billion. Additionally, the nation’s trade surplus (BOP basis) narrowed to a level of ¥39.9 billion in May, compared to a trade surplus of ¥697.10 billion in the previous month.
The pair is expected to find support at 100.43, and a fall through could take it to the next support level of 100.17. The pair is expected to find its first resistance at 101.08, and a rise through could take it to the next resistance level of 101.47.
Moving ahead, market participants await the release of Japan’s Eco watchers survey data for June, scheduled to release in some time.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
