USDJPY Movement
For the 24 hours to 23:00 GMT, the USD strengthened 0.54% against the JPY and closed at 101.90.
The Japanese Yen gave up ground against its US counterpart as easing Ukraine tensions weighed on the demand-outlook of safe-haven assets. Separately, the Bank of Japan (BoJ) Governor, Haruhiko Kuroda hinted that there are no limits for adjusting the central bank’s “quantitative and qualitative” monetary policy to assist the economy achieve its 2% inflation target. Furthermore, he reiterated that the nation is on track to achieve its inflation goal, adding that the BoJ remains prepared to alter its policy either ways should risks materialise.
In a noteworthy event, following Crimea’s vote on Sunday to secede from Ukraine and join Russia, the US and the European Union imposed sanctions on several Russian and Crimean officials having ties with the Putin Administration. Meanwhile, earlier today, the Russian President, Vladimir Putin formally signed a decree to recognise Crimea as an independent state.
In the Asian session, at GMT0400, the pair is trading at 101.77, with the USD trading 0.13% lower from yesterday’s close.
The pair is expected to find support at 101.48, and a fall through could take it to the next support level of 101.18. The pair is expected to find its first resistance at 102.01, and a rise through could take it to the next resistance level of 102.25.
Later today, Japan’s Ministry of Finance would publish a report on Japan’s merchandised trade balance, which would provide an insight into the nation’s import and export trend.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
