USDJPY Movement
For the 24 hours to 23:00 GMT, USD strengthened 0.23% against the JPY and closed at 79.14.
In Japan, yesterday, the condominium sales, on annual basis, declined by 32.9% to 3,441 units in June, the first decline in two months.
Minutes of Bank of Japan’s monetary policy board meeting on 13th and 14th June 2011, released today morning, stated that Japan’s economy could continue to face downward pressure. The minutes added that the economy does continue to show some signs of picking up as it recovers from the devastating earthquake and tsunami on 11th March this year. The bank also noted that the stronger yen is hampering the recovery by affecting exporter sentiment.
In the Asian session at 3:00GMT, the pair is trading flat from yesterday’s close at 23:00 GMT, at 79.15.
The first short term resistance is at 79.65, followed by 80.16. The pair is expected to find support at 78.60 and the subsequent support level at 78.06.
The currency pair is showing convergence with its 20 Hr and its 50 Hr moving average.
