USDJPY Movement
On Friday, the USD weakened 0.79% against the JPY and closed at 104.01, following a surprise drop in the US non-farm payrolls data for December.
In the Asian session, at GMT0400, the pair is trading at 103.37, with the USD trading 0.62% lower from Friday’s close.
The pair is expected to find support at 102.63, and a fall through could take it to the next support level of 101.89. The pair is expected to find its first resistance at 104.74, and a rise through could take it to the next resistance level of 106.10.
With the Japanese markets closed today on account of ‘Coming-of-Age Day’ holiday, traders keenly await Japan’s bank lending and trade balance data, slated for release early Tuesday.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
