USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.56% against the JPY and closed at 102.15.
The Yen continued to trade higher on Japan Economy Minister, Akira Amari’s comments on the negative effects of excessively weak domestic currency.
In the Asian session, at GMT0300, the pair is trading at 102.48, with the USD trading 0.32% higher from yesterday’s close.
The pair is expected to find support at 102.09, and a fall through could take it to the next support level of 101.71. The pair is expected to find its first resistance at 102.84, and a rise through could take it to the next resistance level of 103.20.
On the macro front, Japan’s all industry activity index along with trade balance data are expected to be on focus. However, major market attention would turns towards the outcome Bank of Japan’s (BoJ) two day monetary policy meeting starting form today.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
