USDJPY Movement
For the 24 hours to 23:00 GMT, USD strengthened 0.24% against the JPY and closed at 79.86.
In economic news, current conditions index dropped to a reading of 50.9, from 51.8 in March. However, the outlook index rose to a reading of 50.9, compared to a reading of 49.7 recorded in the previous month.
Meanwhile in the US, initial jobless claims fell to 367,000 in the week ended 5 May 2012, while continuing claims declined to 3.229 million in the week ended 28 April 2012.
In the Asian session, at GMT0300, the pair is trading at 79.86, with the USD trading flat from yesterday’s close.
This morning, Bank of Japan reported that money supply M2+CD rose 2.6% (YoY) in April, compared to a 3.0% rise in the March.
The pair is expected to find support at 79.64, and a fall through could take it to the next support level of 79.41. The pair is expected to find its first resistance at 80.05, and a rise through could take it to the next resistance level of 80.24.
With no major release from Japan, the pair is expected to trade on trends in the greenback.
The currency pair is showing convergence with its 20 Hr and trading above its 50 Hr moving average.
