USDJPY Movement
On Friday, the USD strengthened 0.25% against the JPY and closed at 98.48.
The Bank of Japan (BoJ) Governor, Haruhiko Kuroda, in his speech on Saturday, expressed optimism on the country’s economic outlook, stating that “the economic outlook is brighter than at any other point since the turn of the century”. He also added that positive developments in the economy have become increasingly pronounced after the central bank adopted aggressive monetary easing policies in April.
In the Asian session, at GMT0300, the pair is trading at 98.31, with the USD trading 0.18% lower from Friday’s close.
The pair is expected to find support at 98.12, and a fall through could take it to the next support level of 97.93. The pair is expected to find its first resistance at 98.54, and a rise through could take it to the next resistance level of 98.78.
As Japanese markets are closed on account of a holiday, traders are expected to take cues from global economic news for further direction in the pair.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
