USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.16% against the JPY and closed at 102.69.
In the Asian session, at GMT0300, the pair is trading at 102.58, with the USD trading 0.11% lower from yesterday’s close.
Earlier today, a BoJ Board Member, Takehiro Sato, urged Japan’s central bank to conduct monetary policy in a flexible manner in order to “achieve a sustainable growth path in the context of price stability.” With regards to the Euro-zone economy, he opined that disinflationary trend is now appearing to stay for a prolonged period of time in the Euro-bloc, especially in its peripheral nations.
The pair is expected to find support at 102.41, and a fall through could take it to the next support level of 102.24. The pair is expected to find its first resistance at 102.78, and a rise through could take it to the next resistance level of 102.98.
The currency pair is trading just below its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
