USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened 0.09% against the JPY and closed at 79.50.
In economic news, in Japan, Nomura/ JMMA manufacturing purchasing manager index stood at 50.7 in May, unchanged from the reading of April. Additionally small business confidence fell to 47.2 in May, compared to a reading of 47.6 in April.
In the Asian session, at GMT0300, the pair is trading at 79.47, with the USD trading 0.04% lower from yesterday’s close.
This morning, Bank of Japan (BoJ) Deputy Governor, Hirohide Yamaguchi, stated that central bank would not rule out further easing if risks in Europe materialize and exert strong downward pressure on nation’s economy.
The pair is expected to find support at 79.36, and a fall through could take it to the next support level of 79.24. The pair is expected to find its first resistance at 79.59, and a rise through could take it to the next resistance level of 79.72.
Trading trends in the pair today are expected to be determined by the release of industrial production data in Japan.
The currency pair is trading just below its 20 Hr and 50 Hr moving averages.
