USDJPY Movement
For the 24 hours to 23:00 GMT on Friday, the USD strengthened 1.06% against the JPY and closed at 93.57.
In the Asian session, at GMT0400, the pair is trading at 93.35, with the USD trading 0.23% lower from Friday’s close.
Data release this morning indicated that the monetary base in Japan rose more-than-anticipated by 15.0% annually in February, following a 10.9% increase reported in January.
Meanwhile, the President of the Asian Development Bank, Haruhiko Kuroda, stated that the Bank of Japan would do whatever is needed to end 15 years of deflation should he be confirmed as governor and indicated that open-ended asset purchases could start sooner than next year.
The pair is expected to find support at 92.61, and a fall through could take it to the next support level of 91.87. The pair is expected to find its first resistance at 93.92, and a rise through could take it to the next resistance level of 94.48.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
