USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 1.04% against the JPY and closed at 101.29. The Japanese Yen gave up ground against the USD, after the Bank of Japan (BoJ) Governor, Haruhiko Kuroda hinted the possibility for a fresh round of stimulus measures. During a press conference, after the BoJ’s interest rate decision, he stated that the BoJ “would not hesitate” to take further measures if the economy stopped moving in line with its projections. He added the central bank “has room to act against upside and downside risks.”
In the Asian session, at GMT0400, the pair is trading at 101.10, with the USD trading 0.19% lower from yesterday’s close. Earlier today, the BoJ, in its monthly economic survey, reiterated its pervious stance that the Japanese economy was recovering at a ‘Moderate’ pace.
The pair is expected to find support at 100.52, and a fall through could take it to the next support level of 99.95. The pair is expected to find its first resistance at 101.52, and a rise through could take it to the next resistance level of 101.95.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
