USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.95% against the JPY and closed at 102.21, as the latest batch of upbeat economic releases from the US boosted the demand for the US Dollar.
Meanwhile, the Japanese Yen came under pressure after the Bank of Japan’s (BoJ) Board member, Sayuri Shirai, suggested that the central bank should “do everything possible” to achieve what she calls a “challenging” 2.0% inflation target. She added that the central bank “should not hesitate to take additional easing steps if the BoJ’s core view on the economy and prices is shifting toward the downside.”
In the Asian session, at GMT0400, the pair is trading at 102.04, with the USD trading 0.17% lower from yesterday’s close. Earlier today, Japan’s Ministry of Economy, Trade and Industry reported that the nation’s retail trade rose 2.3% (YoY) in October, more than analysts’ call for a rise of 2.1% and compared to a 3.0% increase witnessed in September.
The pair is expected to find support at 101.55, and a fall through could take it to the next support level of 101.07. The pair is expected to find its first resistance at 102.41, and a rise through could take it to the next resistance level of 102.78.
Market participants keenly await reports on consumer prices, employment & industrial production data in Japan for this month.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
