USDJPY Movement
On Friday, the USD strengthened 0.98% against the JPY and closed at 125.65. Preliminary estimates revealed that Japan’s leading economic indicators index rose to 107.2 in April from 106.0 in the past month. The coincident and the lagging indices were up also up to 111.1 and 121.4 respectively for the same month, from 109.2 and 118.8.
In the Asian session, at GMT0300, the pair is trading at 125.43, with the USD trading 0.18% lower from Friday’s close.
Overnight data indicated that Japan’s economic growth was revised up to an annualized 3.9% growth in the first quarter of 2015, from an expansion of 2.4% in the first estimate and topping market expectations for 2.8% growth.
The pair is expected to find support at 124.59, and a fall through could take it to the next support level of 123.76. The pair is expected to find its first resistance at 126.06, and a rise through could take it to the next resistance level of 126.69.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
