USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.14% against the JPY and closed at 104.18, as positive data from the US indicated that the US economic recovery is continuing to gain traction.
In the Asian session, at GMT0400, the pair is trading at 104.34, with the USD trading 0.16% higher from yesterday’s close.
This morning, the Bank of Japan (BoJ) in its latest monthly economic survey indicated that it expects the nation’s economic recovery to continue at a moderate pace. However, the central bank also warned that the economy will be affected by the planned consumption tax hike next year. The BoJ also reinforced its earlier view about the high degree of uncertainty surrounding the global economy.
The pair is expected to find support at 103.93, and a fall through could take it to the next support level of 103.51. The pair is expected to find its first resistance at 104.59, and a rise through could take it to the next resistance level of 104.84.
Trading trends in the pair today are expected to be determined by economic releases from the US.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
