USDJPY Movement
On Friday, the USD strengthened 0.20% against the JPY and closed at 102.14.
During his speech to an annual meeting of trust association, the BoJ Governor Haruhiko Kuroda, indicated that the central bank’s stimulus measures are having an intended impact on the economy with a sharp improvement in the nation’s price developments. Furthermore, he hinted that the BoJ would examine the upside and the downside risks to the economy and prices and would not hesitate to adjust it policy “if needed to achieve its 2% inflation target.”
In the Asian session, at GMT0300, the pair is trading at 101.98, with the USD trading 0.16% lower from Friday’s close.
Earlier today, an index monitoring the activities in Japan’s manufacturing sector rose to a reading of 51.1 in June, from a level of 49.9 in May.
The pair is expected to find support at 101.79, and a fall through could take it to the next support level of 101.61. The pair is expected to find its first resistance at 102.19, and a rise through could take it to the next resistance level of 102.40.
During the later course of the day, BoJ Governor Haruhiko Kuroda, is scheduled to speak at a press conference in Tokyo.
The currency pair is trading below its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
