USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 0.99% against the JPY and closed at 82.39, as investors flee from riskier-assets and seek the perceived safe-haven Yen, after the credit rating agency Standard & Poor’s downgraded its ratings outlook on the US to ‘Negative’ from ‘Stable’.
Yen also advanced amid escalating European’s debt crisis along with Greek government debt rising to a record.
The National Association of Home Builders reported that the housing market index in the US dropped to a reading of 16.0 in April, following a reading of 17.0 in March.
In the Asian session at 3:00GMT, the pair is trading higher from the New York close, by 0.21%, at 82.56.
The first short term resistance is at 83.04, followed by 83.53. The pair is expected to find support at 82.11 and the subsequent support level at 81.67.
Trading trends in the pair today are expected to be determined by data release on consumer confidence index, merchandise trade balance and machine tool orders in Japan.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
