USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.13% against the JPY and closed at 93.29.
One of the government’s nominees for Bank of Japan (BoJ) Deputy Governor, Kikuo Iwata stated yesterday that monetary easing must accompany fiscal spending to help nation escape deflation because increased spending could cause bond yields and the yen to rise.
In the Asian session, at GMT0400, the pair is trading at 93.18, with the USD trading 0.12% lower from yesterday’s close.
The pair is expected to find support at 92.88, and a fall through could take it to the next support level of 92.57. The pair is expected to find its first resistance at 93.52, and a rise through could take it to the next resistance level of 93.85.
The currency pair is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
