USDJPY Movement
On Friday, the USD strengthened 0.18% against the JPY and closed at 101.58, as traders cheered the recent upbeat producer inflation and consumer sentiment data from the US economy.
Meanwhile, the Japanese Yen came under pressure after the Bank of Japan (BoJ) Chief, Haruhiko Kuroda told a news conference following the G20 meeting that the Japanese economy is only half way through meeting the central bank’s 2% price target and that the BoJ is ready to act if prospects for achieving its price target are at risk.
In the Asian session, at GMT0300, the pair is trading at 101.56, with the USD trading tad lower from Friday’s close.
The pair is expected to find support at 101.33, and a fall through could take it to the next support level of 101.09. The pair is expected to find its first resistance at 101.84, and a rise through could take it to the next resistance level of 102.12.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
