USDJPY Movement
For the 24 hours to 23:00 GMT on Friday, the USD strengthened 0.90% against the JPY and closed at 92.54.
In the Asian session, at GMT0400, the pair is trading at 92.64, with the USD trading 0.11% higher from Friday’s close.
This morning, the monetary base in Japan rose 10.9% in January, following an 11.8% rise in December.
Meanwhile, Japan’s Finance Minister, Taro Aso, defended the Bank of Japan’s (BoJ) monetary policy stance and stated that the central bank’s policy is aimed at defeating deflation and not to depreciate the Yen.
The pair is expected to find support at 91.98, and a fall through could take it to the next support level of 91.32. The pair is expected to find its first resistance at 93.11, and a rise through could take it to the next resistance level of 93.57.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
