USDJPY Movement
On Friday, the USD marginally weakened against the JPY and closed at 99.38. The Yen gained ground against the greenback, after the Bank of Japan (BoJ) Governor, Haruhiko Kuroda expressed optimism on achieving central bank’s inflation target.
Earlier on Friday, the Bank of Japan (BoJ) Chief, Haruhiko Kuroda, stated that with quantitative and qualitative easing (QQE) making “steady progress”, the nation’s economy has been proceeding smoothly along a path towards achieving the Bank of Japan’s (BoJ) price stability goal of 2%.
In the Asian session, at GMT0300, the pair is trading at 99.17, with the USD trading 0.21% lower from Friday’s close.
The pair is expected to find support at 98.94, and a fall through could take it to the next support level of 98.70. The pair is expected to find its first resistance at 99.54, and a rise through could take it to the next resistance level of 99.91.
As the Japanese markets are closed on account of Autumnal Equinox Day, traders are expected to keep an eye on global economic news for further cue in the pair.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
