USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 1.15% against the JPY and closed at 93.19.
In the Asian session, at GMT0300, the pair is trading at 92.73, with the USD trading 0.49% lower from yesterday’s close.
Data released this morning indicated that, monetary base in Japan increased 19.8% (YoY) in March, against the expected 16.3% rise and following a 15.0% rise reported in February. Meanwhile, labour cash earnings dropped 0.7% (YoY) in February, compared to a revised 0.1% rise recorded in January.
Also this morning, the Bank of Japan Governor, Haruhiko Kuroda reaffirmed that the central banks would live up to market expectations ahead of his first policy meeting starting tomorrow.
The pair is expected to find support at 92.17, and a fall through could take it to the next support level of 91.61. The pair is expected to find its first resistance at 93.69, and a rise through could take it to the next resistance level of 94.64.
The currency pair is trading way below its 20 Hr and 50 Hr moving averages.
