USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.27% against the JPY and closed at 98.47.
In Japan, a report showed that the Nomura/ JMMA manufacturing PMI rose to a level of 54.2 in October, following a reading of 52.5 registered in the previous month.
In the Asian session, at GMT0400, the pair is trading at 98.42, with the USD trading slightly lower from yesterday’s close. Earlier today, the Bank of Japan (BoJ) decided to keep its interest rate unchanged at 0.1% and maintain the pace of its unprecedented monetary easing programme, a move aimed to end deflation in the nation and achieve central bank’s inflation target of 2%.
The pair is expected to find support at 98.06, and a fall through could take it to the next support level of 97.69. The pair is expected to find its first resistance at 98.74, and a rise through could take it to the next resistance level of 99.05.
Market participants await BoJ Governor, Haruhiko Kuroda’s speech, due later today, for further guidance in the Japanese Yen.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
