USDJPY Movement
For the 24 hours to 23:00 GMT, USD weakened marginally against the JPY and closed at 78.42.
Yesterday, the Bank of Japan (BoJ) board member, Ryuzo Miyao, stated that the risk to Japan from a prolonged global slowdown is rising. He further stated that the BoJ should monitor the outlook for the economy and prices and must take bold steps, if needed.
In the Asian session, at GMT0300, the pair is trading at 78.39, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 78.30, and a fall through could take it to the next support level of 78.22. The pair is expected to find its first resistance at 78.47, and a rise through could take it to the next resistance level of 78.56.
The pair is expected to take cues from the Bank of Japan (BoJ) Governor, Masaaki Shirakawa speech later in the day.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
