USDJPY Movement
For the 24 hours to 23:00 GMT, USD strengthened 0.46% against the JPY, on Friday, and closed at 80.69, on strong US economic data.
The minutes from the latest Bank of Japan’s (BoJ) monetary policy committee meeting indicated that the Japan’s economy is still struggling under heavy downward pressure following the earthquake and tsunami on 11 March 2011.
In the US, the economy added 244,000 jobs in April, the biggest month of job additions since February 2006. Additionally, the consumer credit increased by $6.0 billion in March, following a $7.6 billion increase recorded in February. In the Asian session at 3:00GMT, the pair is trading lower from the New York close, by 0.14%, at 80.58.
The first short term resistance is at 80.97, followed by 81.36. The pair is expected to find support at 80.17 and the subsequent support level at 79.76.
The currency pair is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
