USDJPY Movement
On Friday, the USD strengthened 0.79% against the JPY and closed at 97.78.
The Bank of Japan (BoJ) Governor, Haruhiko Kuroda stressed that financial markets would probably stabilize over time, reflecting improvements in Japan’s economy, but the BoJ continues to watch how markets and global growth will evolve.
On Sunday, Japanese Prime Minister Shinzo Abe’s ruling bloc won the Tokyo election, a sign that the country’s ruling party could take control of the upper house of parliament in elections due to be held next month.
In the Asian session, at GMT0300, the pair is trading at 98.49, with the USD trading 0.73% higher from Friday’s close.
The pair is expected to find support at 97.49, and a fall through could take it to the next support level of 96.49. The pair is expected to find its first resistance at 99.12, and a rise through could take it to the next resistance level of 99.75.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
