USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.49% against the JPY and closed at 101.12.
In the Asian session, at GMT0300, the pair is trading at 100.93, with the USD trading 0.19% lower against the JPY from yesterday’s close.
Earlier today, the BoJ Governor, Haruhiko Kuroda, indicated that Japan’s inflation rate is projected to remain below zero for the time being. Nevertheless, he expressed optimism about the nation’s recovery prospects and reiterated that the central bank is ready to inject additional stimulus if needed, in order to achieve its 2.0% inflation target.
The pair is expected to find support at 100.25, and a fall through could take it to the next support level of 99.58. The pair is expected to find its first resistance at 101.53, and a rise through could take it to the next resistance level of 102.14.
Going ahead, market participants will look forward to Japan’s BOP basis trade balance and Eco watchers survey data, all slated to release in the early hours tomorrow.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
