USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.18% against the JPY and closed at 101.86, buoyed by the Fed Chief, Janet Yellen’s cheerful outlook of the US economy.
Late Wednesday, Japan’s Economy Minister, Akira Amari, expressed confidence on the economic growth of the world’s third largest economy and stated that policy reforms have attributed to a significant improvement in the nation’s labour market, further adding that Japan would aim to achieve a primary surplus by fiscal 2020.
In the Asian session, at GMT0300, the pair is trading at 101.85, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 101.51, and a fall through could take it to the next support level of 101.17. The pair is expected to find its first resistance at 102.11, and a rise through could take it to the next resistance level of 102.36.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages
