USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.51% against the JPY and closed at 98.93, as an upbeat weekly US employment data strengthened the prospect of the Fed to taper its stimulus measures in its next month policy meeting.
In the Asian session, at GMT0300, the pair is trading at 98.82, with the USD trading 0.11% lower from yesterday’s close. Earlier today, in Japan, an official data showed that the nation’s consumer price index rose 0.9% (YoY) in August, more than analysts’ expectation for a rise to 0.8% and compared to a 0.7% increase registered in the previous month, a sign that higher energy and import prices are contributing to the government’s aim of ending deflation.
The pair is expected to find support at 98.50, and a fall through could take it to the next support level of 98.18. The pair is expected to find its first resistance at 99.15, and a rise through could take it to the next resistance level of 99.47.
The currency pair is trading below its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
