USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.72% against the JPY and closed at 97.08.
Yesterday, the Japanese Finance Minister, Taro Aso, indicated that reducing Japan’s corporate tax rate would not have an immediate impact on the economy.
In the Asian session, at GMT0300, the pair is trading at 97.59, with the USD trading 0.53% higher from yesterday’s close.
The pair is expected to find support at 96.87, and a fall through could take it to the next support level of 96.14. The pair is expected to find its first resistance at 98.48, and a rise through could take it to the next resistance level of 99.38.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
