USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.59% against the JPY and closed at 98.21.
Yesterday, the International Monetary Fund (IMF) Deputy Director for the Asia-Pacific Department, Jerry Schiff, applauded the positive impact of the Bank of Japan’s (BoJ) loose monetary policies and stated that this does not need a change for now. He further added that there is still room for the central bank to increase its stimulus measures to further boost growth in the world’s third-largest economy.
In the Asian session, at GMT0400, the pair is trading at 98.16, with the USD trading marginally lower from yesterday’s close. Earlier today, Japan reported that its industrial production rose 1.5% (MoM) in September, less than market expectation for a 1.8% rise and compared to a 0.9% drop witnessed in the previous month.
The pair is expected to find support at 97.65, and a fall through could take it to the next support level of 97.15. 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 98.80.
Traders are expected to keep a close watch on the release of Japan’s Nomura/JMMA manufacturing PMI data, due later today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
