USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.14% against the JPY and closed at 102.30, after data showed that new home sales in the US surged to a 5-1/2 year high in January.
In the Asian session, at GMT0400, the pair is trading at 102.35, with the USD trading marginally higher from yesterday’s close.
The pair is expected to find support at 102.09, and a fall through could take it to the next support level of 101.82. The pair is expected to find its first resistance at 102.62, and a rise through could take it to the next resistance level of 102.89.
Market participants keenly await Japan’s consumer inflation, unemployment rate, industrial production and retail sales data, slated for release later during the day.
The currency pair is trading just below its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
