USDJPY Movement
For the 24 hours to 23:00 GMT, the USD rose 0.51% against the JPY and closed at 97.82, after minutes from the Fed’s latest policy meeting indicated that the US policy-makers were broadly in agreement to start tapering its stimulus measures later this year.
In the Asian session, at GMT0300, the pair is trading at 98.14, with the USD trading 0.33% higher from yesterday’s close. Earlier today, the Japanese Ministry of Finance reported that the Japanese portfolio investors sold net ¥903.8 billion worth of foreign bonds for the week ended 16 August, following an upwardly revised net buying of ¥1625.2 billion worth of foreign bonds recorded in the previous week. Meanwhile, foreign investors bought ¥38.7 billion worth of Japanese bonds for week ended 16 August, less as compared to a net buying of ¥403.9 billion worth of Japanese bonds recorded in the previous week.
The pair is expected to find support at 97.43, and a fall through could take it to the next support level of 96.71. The pair is expected to find its first resistance at 98.60, and a rise through could take it to the next resistance level of 99.06.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
