USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.24% against the JPY and closed at 120.68.
According to Japan’s ruling Liberal Democratic Party’s tax revision proposal, the corporate-tax rate in the nation should go down by 3.29% over two years to 31.33%.
In the Asian session, at GMT0400, the pair is trading at 120.47, with the USD trading 0.17% lower from yesterday’s close.
The pair is expected to find support at 120.17, and a fall through could take it to the next support level of 119.88. The pair is expected to find its first resistance at 120.76, and a rise through could take it to the next resistance level of 121.05.
Amid a light economic calendar, trading trends in the pair would be determined by global news.
The currency pair is trading slightly below its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
