USDJPY Movement
On Friday, the USD strengthened 1.03% against the JPY and closed at 103.19.
In the Asian session, at GMT0300, the pair is trading at 102.69, with the USD trading 0.49% lower from Friday’s close.
The Yen rebounded, after Japan’s Economy Minister, Akira Amari indicated that a further slide in the Yen would have negative effects and signaled concern at the prospect of higher bond yields. The Yen also rose after the Japanese government, in its May report upgraded its assessment of the nation’s economy for the first time in two months, citing gradual improvement in exports and industrial output.
The pair is expected to find support at 102.22, and a fall through could take it to the next support level of 101.75. The pair is expected to find its first resistance at 103.19, and a rise through could take it to the next resistance level of 103.70.
The leading and coincident economic indices along with machine tool orders from Japan scheduled for release today would help gauging the performance of the economy.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
