For the 24 hours to 23:00 GMT, USD strengthened 0.08% against the JPY and closed at 79.56.
The Bank of Japan (BoJ), in its monthly economic report, kept its overall assessment of the Japans’ economy unchanged in May but cited that it has become increasingly evident that nations’ economy is shifting toward a pick-up phase.
In the Asian session, at GMT0300, the pair is trading at 79.71, with the USD trading 0.19% higher from yesterday’s close.
Data released this morning showed that in Japan, national consumer price index rose 0.4% (YoY) in April, in line with the market expectation and against 0.5% rise in the March.
The pair is expected to find support at 79.46, and a fall through could take it to the next support level of 79.2. The pair is expected to find its first resistance at 79.85, and a rise through could take it to the next resistance level of 79.99.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.