USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 0.10% against the JPY and closed at 79.57.
In Japan, the Eco Watchers’ survey current conditions index declined to 43.8 in June, from 47.2 in May. Meanwhile, the outlook index fell to 45.7 in June, from 48.1 in May.
In the Asian session, at GMT0300, the pair is trading at 79.53, with the USD trading 0.05% lower from yesterday’s close.
This morning, the Bank of Japan (BoJ) reported that on a yearly basis, the value of M2 money stock in Japan rose 2.2% to ¥818.6 trillion in June, compared to an upwardly revised increase of 2.2% posted in May.
The pair is expected to find support at 79.42, and a fall through could take it to the next support level of 79.30. The pair is expected to find its first resistance at 79.71, and a rise through could take it to the next resistance level of 79.88.
Trading trends in the pair today are expected to be determined by the release of consumer confidence and tertiary industry index in Japan.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
