USDJPY Movement
For the 24 hours to 23:00 GMT, the USD fell marginally against the JPY and closed at 99.65.
In the Asian session, at GMT0300, the pair is trading at 99.45, with the USD trading 0.20% lower from yesterday’s close.
The Bank of Japan Governor, Haruhiko Kuroda stated that, the central bank’s inflation target is “flexible” and that the bank would remain cautious to avoid any asset bubbles as it conducts its monetary easing.
In the economic news, tertiary industry index, a measure of industrial activity in Japan grew 1.1% (MoM) in February, compared to a 1.1% drop recorded in the previous month.
The pair is expected to find support at 99.05, and a fall through could take it to the next support level of 98.66. The pair is expected to find its first resistance at 99.90, and a rise through could take it to the next resistance level of 100.36.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
