USDJPY Movement
For the 24 hours to 23:00 GMT on Friday, the USD strengthened 0.22% against the JPY and closed at 81.31, in wake of sluggish industrial production figures from the US, coupled with anticipation that further monetary easing is on the way in Japan.
In the Asian session, at GMT0400, the pair is trading at 81.16, with the USD trading 0.18% lower from Friday’s close.
The pair is expected to find support at 80.84, and a fall through could take it to the next support level of 80.53. The pair is expected to find its first resistance at 81.53, and a rise through could take it to the next resistance level of 81.90.
Trading trends in the pair today are expected to be determined by the release of machine tool orders in Japan. The Bank of Japan will meet this week to discuss monetary policy and market participants are eagerly awaiting the bank’s move and statement.
The currency pair is trading just below its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
