USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose marginally against the JPY and closed at 98.89.
In the Asian session, at GMT0300, the pair is trading at 98.78, with the USD trading 0.11% lower from yesterday’s close.
Japanese foreign currency reserves increased slightly to $1,258.0 billion in April, from $1,254.4 billion recorded earlier.
The pair is expected to find support at 98.55, and a fall through could take it to the next support level of 98.31. The pair is expected to find its first resistance at 99.05, and a rise through could take it to the next resistance level of 99.32.
Japan’s bank lending data is scheduled to be released later in the day which would provide insights on the strength of banking sector in the nation.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
