USDJPY Movement
For the 24 hours to 23:00 GMT on Friday, the USD weakened 0.25% against the JPY and closed at 82.37.
In the Asian session, at GMT0400, the pair is trading at 82.28, with the USD trading 0.11% lower from Friday’s close.
This morning, the Bank of Japan (BoJ) Governor, Masaaki Shirakawa urged the government to keep up efforts to restore the country’s fiscal health and take steps to boost domestic investment such as bold deregulation. He maintained the BoJ’s forecast that Japan’s economy would resume a moderate recovery after periods of weakness, but cautioned of the impact from a strong yen on exports and business sentiment.
Meanwhile, the minutes of the Bank of Japan’s (BoJ) latest monetary policy meeting indicated that the central bank would go ahead with its monetary easing stance until the inflation target of 1.0% is at least “in sight”, if not achieved.
The pair is expected to find support at 82.06, and a fall through could take it to the next support level of 81.78. The pair is expected to find its first resistance at 82.62, and a rise through could take it to the next resistance level of 82.90.
The currency pair is trading just below its 20 Hr and 50 Hr moving averages.
