USDJPY Movement
On Friday, the USD strengthened 0.23% against the JPY and closed at 105.15.
On Friday, the Japan’s Vice Economics Minister, Yasutoshi Nishimura urged the Bank of Japan (BoJ) to take proper steps in order to avoid any negative impact from a planned sales tax hike in April, signalling his desire for further easing by the central bank to offset the blow to the economy.
In the Asian session, at GMT0400, the pair is trading at 105.30, with the USD trading 0.14% higher from Friday’s close.
The pair is expected to find support at 104.82, and a fall through could take it to the next support level of 104.34. The pair is expected to find its first resistance at 105.60, and a rise through could take it to the next resistance level of 105.91.
Trading trends in the pair today are expected to be determined by the pending home sales data along with Dallas Fed manufacturing business index which would be released later during the day from the US.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
