USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 1.00% against the JPY and closed at 100.58.
In the Asian session, at GMT0300, the pair is trading at 100.03, with the USD trading 0.54% lower from yesterday’s close, as investors eye Japan’s upper house elections on Sunday. Traders bet that Japan’s elections would strengthen Prime Minister, Shinzo Abe’s position and his stimulus plans.
The pair is expected to find support at 99.55, and a fall through could take it to the next support level of 99.06. The pair is expected to find its first resistance at 100.70, and a rise through could take it to the next resistance level of 101.37.
The currency pair is trading below its 20 Hr and its 50 Hr moving averages.
