USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.44% against the JPY and closed at 78.68. The Yen came under pressure amid speculation that the Bank of Japan (BoJ) would expand monetary easing at its meeting tomorrow. Additionally, concerns over anti-Japan protests in China, Japan’s biggest trading partner, over a territorial dispute, also weighed on trading sentiment towards the Yen.
In the Asian session, at GMT0300, the pair is trading at 78.58, with the USD trading 0.12% lower from yesterday’s close.
The pair is expected to find support at 78.22, and a fall through could take it to the next support level of 77.86. The pair is expected to find its first resistance at 78.93, and a rise through could take it to the next resistance level of 79.29.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
