USDJPY Movement
For the 24 hours to 23:00 GMT, the USD marginally strengthened against the JPY and closed at 103.90.
In the Asian session, at GMT0300, the pair is trading at 103.95, with the USD trading slightly higher from yesterday’s close, ahead of the release of the US non-farm payrolls data, which is widely expected to report a growth in March.
Earlier today, Japanese Finance Minister, Taro Aso commended the BoJ’s aggressive monetary easing policy as according to him it has enabled the nation to boost its consumer inflation rate and drive economic growth.
The pair is expected to find support at 103.79, and a fall through could take it to the next support level of 103.63. The pair is expected to find its first resistance at 104.12, and a rise through could take it to the next resistance level of 104.29.
The currency pair is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.
