USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.60% against the JPY and closed at 102.32.
In the Asian session, at GMT0400, the pair is trading at 102.58, with the USD trading 0.26% higher from yesterday’s close.
This morning, the Bank of Japan (BoJ) Board Member, Takehiro Sato warned that the BoJ’s target to boost inflation to 2% in about two years seemed unrealistic. He further insisted that adding more stimulus would not help raise inflation expectations, and hence the central bank should monitor the effects of its aggressive easing at this stage.
The pair is expected to find support at 101.91, and a fall through could take it to the next support level of 101.23. The pair is expected to find its first resistance at 103.32, and a rise through could take it to the next resistance level of 104.06.
With a relatively light economic calendar today, trading trends in the pair would be determined by global factors,
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
