USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.25% against the JPY and closed at 102.43, as weekly jobless claims in the US economy rose more than economists’ estimates in the previous week.
In the Asian session, at GMT0300, the pair is trading at 102.38, with the USD trading slightly lower from yesterday’s close.
Earlier today, Japanese Health Minister, Norihisa Tamura revealed that Prime Minister, Shinzo Abe ordered an earlier review of the nation’s ¥128.6-trillion-Government Pension Investment Fund in order to examine its investments pattern and to reduce risk.
The pair is expected to find support at 102.17, and a fall through could take it to the next support level of 101.97. The pair is expected to find its first resistance at 102.67, and a rise through could take it to the next resistance level of 102.96.
Later today, Japan’s Cabinet Office is scheduled to report the preliminary reading of its leading economic and coincident index for April.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
