USDJPY Movement
On Friday, the USD weakened 1.36% against the JPY and closed at 94.28, after the University of Michigan consumer sentiment index recorded an unexpected drop in June after rising to the highest level in almost six years in May.
In the Asian session, at GMT0300, the pair is trading at 94.83, with the USD trading 0.58% higher from Friday’s close.
Data released this morning indicated that the tertiary industry index in Japan remained flat on a monthly basis in April, compared to an upwardly revised decline of 0.2% recorded in March.
The pair is expected to find support at 94.07, and a fall through could take it to the next support level of 93.31. The pair is expected to find its first resistance at 95.50, and a rise through could take it to the next resistance level of 96.17.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
