USDJPY Movement
For the 24 hours to 23:00 GMT on Friday, USD weakened 0.34% against the JPY and closed at 79.40.
According to the Eco Watchers’ survey, current conditions index in Japan declined to a reading of 47.2 in May, while outlook index retreated to a reading of 48.1 in May.
In the Asian session, at GMT0300, the pair is trading at 79.58, with the USD trading 0.23% higher from Friday’s close. This morning, in Japan, Money Stock M3 rose 1.9% (YoY) in May, against the market expectation of 2.2% rise and compared to a rise of 2.3% in April.
The pair is expected to find support at 79.22, and a fall through could take it to the next support level of 78.86. The pair is expected to find its first resistance at 79.83, and a rise through could take it to the next resistance level of 80.08.
Markets are eying on consumer confidence index and machine tool orders in Japan, later today, to offer further guidelines to the Yen.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
