USDJPY Movement
For the 24 hours to 23:00 GMT on Friday, USD strengthened 0.06% against the JPY and closed at 79.91.
Over the weekend, Prime Minister, Yoshihiko Noda stated that the European debt crisis is the biggest risk for the Japanese economy, citing it as a factor behind the yen’s strength.
In the Asian session, at GMT0300, the pair is trading at 80.02, with the USD trading 0.14% higher from Friday close.
This morning, in Japan, domestic corporate goods price index fell 0.2% (YoY) in April, compared to the rise of 0.5% in March and against the market expectation of 0.3% drop.
The pair is expected to find support at 79.79, and a fall through could take it to the next support level of 79.56. The pair is expected to find its first resistance at 80.19, and a rise through could take it to the next resistance level of 80.35.
With no major release from Japan, the pair is expected to trade on trends in the greenback.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
