USDJPY Movement
For the 24 hours to 23:00 GMT, the USD slightly declined against the JPY and closed at 107.90.
The Bank of Japan Governor, Haruhiko Kuroda, in his speech, cautioned over the impact of rising global uncertainties on the economic momentum and pledged to further ease monetary policy in order to reach its 2% inflation target. Additionally, he stated that the economy is no longer in deflation and it would continuously monitor various risk factors, prices as well as financial conditions to measure its effect on the policy.
In the Asian session, at GMT0300, the pair is trading at 108.01, with the USD trading 0.10% higher against the JPY from yesterday’s close.
The pair is expected to find support at 107.83, and a fall through could take it to the next support level of 107.64. The pair is expected to find its first resistance at 108.14, and a rise through could take it to the next resistance level of 108.26.
Trading trend in the Japanese Yen today, is expected to be determined by Japan’s machine tool orders for June, set to release in while.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
