USDJPY Movement
For the 24 hours to 23:00 GMT, USD strengthened 0.04% against the JPY and closed at 80.16.
In the US, the Federal Reserve Bank of New York President, William C. Dudley stated that US must reduce the federal budget deficit without derailing the economic recovery.
In Japan, yesterday, the leading index declined to 96.4 in April, from 100.1 in March. Meanwhile, the coincident index rose to 103.8 in April, from 103.5 in the prior month. Additionally, this morning, the trade balance reflected a deficit of ¥417.5 billion in April, following a ¥240.3 billion surplus in the previous month. The current account surplus decline to ¥405.6 billion in April, following the ¥1.67 trillion surplus the month earlier. Moreover, the money stock rose by 2.7% (Y-o-Y) in May to ¥798.3 trillion in May.
In the Asian session at 3:00GMT, the pair is trading lower from yesterday’s close at 23:00 GMT, by 0.36%, at 79.87.
The first short term resistance is at 80.24, followed by 80.61. The pair is expected to find support at 79.61 and the subsequent support level at 79.35.
With a series of Japan economic releases today, including gross domestic product and economy watchers survey, trading in the pair is expected to be influenced by the resulting cues from these releases.
The currency pair is trading just below its 20 Hr and its 50 Hr moving averages.
