USDJPY Movement
For the 24 hours to 23:00 GMT, the USD weakened 0.81% against the JPY and closed at 95.49.
In its latest monthly economic survey, the Bank of Japan (BoJ) indicated that Japan’s economic outlook remains on the upside as the economy is expected to return to a moderate recovery path, mainly driven by pick up in exports and industrial output along with resilience in domestic demand. However, the survey cautioned that a high degree of uncertainty still prevails in the global economy.
In the Asian session, at GMT0300, the pair is trading at 94.81, with the USD trading 0.71% lower from yesterday’s close.
The pair is expected to find support at 93.82, and a fall through could take it to the next support level of 92.83. The pair is expected to find its first resistance at 96.43, and a rise through could take it to the next resistance level of 98.05.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
