USDJPY Movement
On Friday, the USD weakened 0.07% against the JPY and closed at 101.23, as traders refrained from taking major bets in the US Dollar, amid lack of major economic releases from the US.
In the Asian session, at GMT0400, the pair is trading at 101.76, with the USD trading 0.53% higher from Friday’s close. Earlier today, the Bank of Japan (BoJ) Governor, Haruhiko Kuroda stated that, “Japan’s economy is projected to grow at a pace above its potential.” He further hinted that the nation is making steady progress towards meeting the central bank’s 2% inflation goal.
The pair is expected to find support at 101.20, and a fall through could take it to the next support level of 100.63. The pair is expected to find its first resistance at 102.07, and a rise through could take it to the next resistance level of 102.38.
Later today, the BoJ is scheduled to release minutes from its latest policy meeting along with a report on the nation’s corporate service price index.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
