USDJPY Movement
For the 24 hours to 23:00 GMT, USD strengthened 0.28% against the JPY and closed at 79.34.
The Yen weakened amid speculation that Bank of Japan (BoJ) would add to stimulus measures this week to support growth and weaken the nation’s foreign-exchange rates.
In economic news, in Japan, the all industry activity index fell 0.3% in March, compared to a fall of 0.1% in February and against the market expectation of 0.1% drop. Meanwhile, the leading index rose to 96.4 in March compared to a reading of 96.1 in February. Also, the coincident index advanced to 96.7 in March, following an initial estimate of 96.5. In the Asian session, at GMT0300, the pair is trading at 79.38, with the USD trading 0.05% higher from yesterday’s close.
The pair is expected to find support at 79.19, and a fall through could take it to the next support level of 79.00. The pair is expected to find its first resistance at 79.51, and a rise through could take it to the next resistance level of 79.64.
The pair is expected to trade on the cues from the release of supermarket sales and merchandise trade balance data in Japan.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
