USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.40% against the JPY and closed at 106.44.
In economic news, Japanese Tokyo condominium sales slid 44.1% in September, following a drop of 49.1% in August.
In the Asian session, at GMT0300, the pair is trading at 106.30, with the USD trading 0.13% lower from yesterday’s close.
Early this morning, the BoJ Governor, Haruhiko Kuroda expressed optimism on the country’s improving economy and reiterated that the central bank would continue with its quantitative easing (QE) policy until its inflation target of 2% is not achieved.
The pair is expected to find support at 105.70, and a fall through could take it to the next support level of 105.1. The pair is expected to find its first resistance at 106.71, and a rise through could take it to the next resistance level of 107.11.
The currency pair is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
