USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 1.10% against the JPY and closed at 98.88, as the currency continued to face pressure from the minutes of Fed’s latest policy meeting, which signalled that the policy makers’ might start tapering its stimulus measures later this year.
In the Asian session, at GMT0300, the pair is trading at 98.99, with the USD trading 0.11% higher from yesterday’s close.
The pair is expected to find support at 98.34, and a fall through could take it to the next support level of 97.70. The pair is expected to find its first resistance at 99.38, and a rise through could take it to the next resistance level of 99.77.
Amid lack of economic releases in Japan, investors await Bank of Japan Governor, Haruhiko Kuroda’s speech tomorrow, at the Fed’s conference in Jackson Hole, Wyoming.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
