USDJPY Movement
For the 24 hours to 23:00 GMT, USD traded flat against the JPY and closed at 79.43.
On the economic front, Japan’s industrial production declined 0.2% (MoM) in April, while capacity utilization slipped 0.6% (MoM) in April.
In the Asian session, at GMT0300, the pair is trading at 79.07, with the USD trading 0.46% lower from yesterday’s close. The Yen received support after Bank of Japan (BoJ) left its benchmark interest rate unchanged in a range between 0.0-0.1% and did not announce any fresh monetary stimulus.
The pair is expected to find support at 78.86, and a fall through could take it to the next support level of 78.65. The pair is expected to find its first resistance at 79.39, and a rise through could take it to the next resistance level of 79.72.
The currency pair is trading well below its 20 Hr and 50 Hr moving average.
