USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 0.05% against the JPY and closed at 79.58.
In the Asian session, at GMT0300, the pair is trading at 79.44, with the USD trading 0.17% lower from yesterday’s close.
Data released this morning showed that the unemployment rate in Japan rose to 4.6% in April, compared to a rate of 4.5% in March. The market had expected the April rate to remain steady at 4.5%. Additionally, on a seasonally adjusted basis, retail sales in Japan fell 0.3% (MoM) in April, against the market expectation of 0.1% rise. However, average household spending rose 2.6% (YoY) in April, compared to the market expectation of 2.5% rise.
The pair is expected to find support at 79.31, and a fall through could take it to the next support level of 79.17. The pair is expected to find its first resistance at 79.61, and a rise through could take it to the next resistance level of 79.78.
Trading trends in the pair today are expected to be determined by the release of Nomura manufacturing purchasing manager index (PMI) in Japan.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
