USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.10% against the JPY and closed at 95.58, as encouraging US employment and retail sales data supported the greenback.
In the Asian session, at GMT0300, the pair is trading at 94.93, with the USD trading 0.68% lower from yesterday’s close.
This morning, the minutes from the monetary policy meeting of the Bank of Japan (BoJ ) held on May 21-22 revealed that there was a broad consensus amongst the central bank’s board members that the economy would return to a moderate recovery path. However, few members expressed concerns that still considerable amount of uncertainty and downside risk remains in the economy and urged for maintaining fiscal discipline to ensure bond stability.
The pair is expected to find support at 93.86, and a fall through could take it to the next support level of 92.79. The pair is expected to find its first resistance at 95.93, and a rise through could take it to the next resistance level of 96.92.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
