USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.28% against the JPY and closed at 92.59. The Yen fell, after the Bank of Japan’s (BoJ) board member, Takahide Kiuchi, indicated that central bank would consider more monetary easing policy through further expansion of its asset buying and lending program, if needed as it strives to achieve 2% inflation target.
In the Asian session, at GMT0400, the pair is trading at 92.66, with the USD trading marginally higher from yesterday’s close.
This morning, the seasonally adjusted unemployment rate in Japan dropped to 4.2% in January, in line with market expectations. Meanwhile, the consumer price index (CPI) retreated by 0.3% (YoY) in January, from a 0.1% decline reported in the previous month.
The pair is expected to find support at 92.15, and a fall through could take it to the next support level of 91.64. The pair is expected to find its first resistance at 93.02, and a rise through could take it to the next resistance level of 93.38.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
